Home Buying in 90240>Question Details

Erma, Other/Just Looking in Downey, CA

How do I find out how much property taxes, homeowners insurance and mortgage insurance is in Downey?

Asked by Erma, Downey, CA Wed Sep 3, 2008

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Rely on a REALTOR and direct the questions to qualifed agent. Look for a CRS (Certified Residental Specialist) as those with that designation represent the tiop 3% of REALTORS in the country.
1 vote Thank Flag Link Sun Sep 30, 2012
Hi Erma,

Taxes will dependent on the sales price of the home. The homeowners insurance is based on the value of the property and the type of coverage you request. Make sure to shop around to receive the best coverage for your home. Mortgage insurance depends on the type of loan you've chosen ex: FHA loans for the most part always carry private mortgage insurance (PMI). This is something that a lender would be able to go into detail. Again shop around for the best lender/bank options.

Oscar Gonzales
Westco Realty
BRE# 01771716.
0 votes Thank Flag Link Mon Apr 21, 2014

Don't know if you noticed, but this question was asked in 2008. Chances are that the person asking the question has moved on. Somehow these questions sometimes seem to cycle up to the top of the list. Not sure how that happens.
Flag Mon Apr 21, 2014
Property taxes are calculated based on the sales price of the home and also when a property re assessment is made by the county assessors office. So ultimately it will be case by case on the specific home and current ownership and assessment situation. as far as homeowners insurance it also depends on price of home as well as amount of coverage you seek. Mortgage insurance is calculated based on the loan amount as well. Based on a certain price any agent can give you an estimate.
0 votes Thank Flag Link Wed Mar 5, 2014
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0 votes Thank Flag Link Tue Aug 20, 2013
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0 votes Thank Flag Link Tue Aug 20, 2013

The information you are seeking is not all home / location specific, however, a local realtor could help you with two out of three.
1. Property taxes are based on the sales price of the home. In California we pay 1.0% of the sales price of the home, plus any bonds and othe assessments that were approved to be billed with your property taxes. Unless the home is in a Mello Roos area, the actual property taxes are 1.1% to 1.25% of purchase price in the first year of home ownership. The actual rate for your property would be available from the County Tax Collector's office or a title company and a good Realtor could get this information for you quickly.
2. Homeowner's insurance is based on the replacement value of the home, how the home is built and whether or not you have such items as a pool, a hillside location, are in a flood zone, etc. Once you identify a home, you can get a quote from any insurance agent at no charge.
3. Mortgage insurance is based on the type of loan (FHA, conventional, etc); the loan to value (if you put 5% down the loan to value is 95%) and your credit score. This information would be available from the lender who pre-approves you for your purchase,

The best way to get all the above information is build your home buying team (or "Your Dream Team") to help you make your dream of home ownership a reality. This team would have a qualified Realtor on it. That person could then help you fill out your team with a great insurance agent, one or two qualified lenders, a home inspector, and all the other necessary people to insure that your home buying experience is a pleasant one. Dare to Dream

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Wed Sep 3, 2008
Hi there Erma. It all depends on the actual property. Can you e mail me the address and I can get all this information to you. My direct e mail is : michael-barron@sbcglobal.net

Kind Regards
Michael Barron
First Team Real Estate
0 votes Thank Flag Link Wed Sep 3, 2008
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