Home Buying in San Francisco>Question Details

Nobel Yoo, Home Buyer in Hideaway, TX

A lot of the per month prices on listings seem really low. Is there a caveat? Does this price only apply for a credit rating of above 660?

Asked by Nobel Yoo, Hideaway, TX Sat Aug 9, 2014

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4
Too good to be true = SCAM.

Never send money for keys or to get an application. Keep the common sense turned on.
1 vote Thank Flag Link Sat Aug 9, 2014
Hi Nobel,

Are you looking at the payment estimates for a mortgage, or are you talking about rental prices for rental listings?

If you're talking about mortgage estimates, many of these will put in base numbers (20% down, low interest etc) and might not include extras like property taxes and insurance, therefore making the numbers seem lower then they might actually be if you were to own the home in question.

If you're looking at rentals, the comments below sound right to me! If it seems too good to be true, it probably is!
0 votes Thank Flag Link Tue Aug 12, 2014
Hi Nobel,

If you are looking at the mortgage calculator, check and see what all is included. They typically show 20% down and only principal and interest, unless you go into advanced options. That is where you can also have it calculate homeowners insurance, taxes, HOA fees, mortgage insurance, etc. Those are all things that will/may have to be paid each month depending on the house and your down payment.

I would definitely adjust your down payment and make sure other fees are included when you are getting a rough estimate. Then, when you find a house you love your Mortgage lender can give you exact calculations.

Best of Luck!


Vicki Blaser &
Nicole van Winden
Two Tucson Natives
Tierra Antigua Realty
http://www.TwoTucsonNatives.com

Let Natives Work for You!!
0 votes Thank Flag Link Sat Aug 9, 2014
Like Tim said below, if it seems to good to be true then it's probably a scam.

Make sure to familiarize yourself with the possible scams to avoid being one of its unwitting victims. With that in mind, check out this article on MSN.com to learn more about the different kinds of scams out there.

http://realestate.msn.com/article.aspx?cp-documentid=20482759

Be safe out there!

Nicole Redding
Skybox Realty
Nicole@skyboxrealty.com
0 votes Thank Flag Link Sat Aug 9, 2014
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