Home Buying in Spring>Question Details

Ishmael Lamp…, Home Buyer in 77073

What are all monthly costs that goes towards monthly payments on a new home? I know of mortgage, taxes and home insurance.

Asked by Ishmael Lamptey, 77073 Mon Mar 25, 2013

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6
If you are referrin to only the Mortgage Payment plus Property Tax & Hazard Insurance, it is going to be determined by the purchase price, down payment amount, property tax rate of the subdivision where the house you are interested in is located and the amount per year for the hazard Insurance and the interest rate on your Loan form the Mortgage Company. Lately, it has been that for house in the $110k's to $120K's is less than $1,000.00 depending on the factors mentioned above and also on the Homestead Exemption.

It is always better to start off your future home purcahse by getting pre qualified through a Mortgage banker...

If you have any questions you can contact me any time, my information is below...

Thank you and God Bless,

Nazario Trujillo
CDPE, REO/BPO Certified
TAHS, SFR, R. E. Consultant/Realtor
SIS Group, LLC
Cell 832-892-8730
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0 votes Thank Flag Link Sun Mar 31, 2013
Similar to if you rent and are responsible for utilities you will have those expenses. You will also want to budget for maintenance and homes are in constant need of upkeep especially as they get older things will need to be replaced or upgraded.

As homes appreciate and in this area we are starting to see home prices inch upward you will want to plan for increased taxes as they will probably be increasing somewhat over the years to come. This will effect your monthly payment if you escrow taxes and insurance and the amount you need to come up with each year if you do not.

You will also want to set money aside for unplanned expenses like a new roof. For example if a hail storm requires a new roof you may be responsible for your part of the deductible which could be a couple thousand dollars. So you want to have money set aside for unexpected things like this.

I could go on but I think you get the idea. There are always going to be unplanned and planned things that need to be addressed with a home. Make sure you have a plan in order to address these issues as they arise.

Hope this helps.

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Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
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0 votes Thank Flag Link Tue Mar 26, 2013
Ishmael,

I am giving you a mortgage person perspective. Sounds like you are looking for hidden cost of home ownership. Let me list some things people over look and hopefully that will help you;

This is just my opinion and my answers would change as I see the details of your scenario

1) Taxes: you think you got it down but look at the MUD you are in, what the amount the bonds are approved for? is it likeThe Woodlands where bonds get paid off or is it a small failed subdivision where the bonds never get paid off but the opposite

2) Condition of the home (this would be too long if included everything): is it insulated correctly?, 2-stories with vaulted ceilings cost you $$$ in energy? Look at the year the A/C was put in and the seer. Look at the windows and open and shut them, are they flimsy and older? Look for water penetration. These are things a good licensed inspector may help you with but when shopping, you will likely not have one. In general, older homes will cost you later down the road.

3) Utilities: Cost of water? Make sure you got gas etc.. phones, high speed etc..check em all

4) Look at the HOA scenario, how much per month?, what are they planning? What is there slush fund? Usually single family homes on public streets do not have too much to worry about. However, if you are going through a gate to get to the home, you will pay much more but I think that would be worth it.

You can find me at either of these websites rightwaylending.com or txave.com lic 229360

Charley Caporina
0 votes Thank Flag Link Tue Mar 26, 2013
I would suggest that if you are really not aware of things or don’t have any knowledge about that then taking the experts help would be feasible. As the things don’t looks to be familiar as they are; and the expert would brief you out each and everything in detail regarding your monthly cost and payments.
http://www.kwikcash.co.uk
0 votes Thank Flag Link Tue Mar 26, 2013
Principal, interest, taxes insurance
Pmi insurance depending on your down payment amount
Hoa dues
Every transaction will encounter different variables.
Contact me for a free buyer consultation at 832.279.6341
Darrylsells@gmail.com
0 votes Thank Flag Link Mon Mar 25, 2013
You are correct regards to all 3 .

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0 votes Thank Flag Link Mon Mar 25, 2013
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