Home Buying in 76179>Question Details

Elizabeth, Home Buyer in 76179

Question about mortgage payment?

Asked by Elizabeth, 76179 Thu Nov 13, 2008

Hello! My husband and I are new home buyers and super confused as to what our monthly payment will be. We are looking at a house that is listed at $124,900 in the 76179 area code. The taxes listed on the home are $5353 and the HOA fees are $204 (I believe...somewhere around there). My question is: what will our mortgage payment be? We have a little money to put down (not much) but I want to figure the payment BEFORE we add in the money. Thanks for helping us!

Help the community by answering this question:

Answers

7
Your mortgage broker will review these figures with you. It may also include your insurance, PMI, ? Ask the broker for a total break out. Contact Tarrant county tax office for their statement for approx. annual tax on property.

http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Nov 14, 2008
The tax is based on the assessed value of 188K because it's a foreclosure. That would explain why the taxes are that high. After you purchase the house you can protest the tax value and the assessor's office will very likely reduce the assessed value therefore your payments will go down.

Also, HOA dues are 264 a month.

Naima
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Thu Nov 13, 2008
Elizabeth,

Your tax number sounds super high. About the highest taxes around here are 3% a year.
Best thing to do is run your numbers with a lender. It can depend on your credit scores, down payment, loan amount, taxes and other items. As a general rule of thumb I'd gues about $1150-$1200 with minimal down payment. That should include your principal, interest, taxes, and insurance or PITI.
The way you check with a lender is to get PREQUALIFIED. You want to do this first before looking at homes. That way you'll know exactly or pretty close to what the payments will be and if you need to adjust the price range up or down you can before you spend time shopping.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Nov 13, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi Elizabeth!!

It will depend on down payment and loan program.
What are your credit scores?
How much do you want to put down?
Have you looked into homeowner's insurance for this property.... it can vary.


Feel free to contact me here or directly for follow up.
0 votes Thank Flag Link Thu Nov 13, 2008
Don't forget your home owners insurance. that will be part of your monthly payment. $5353.00 seems awfully high on a home selling for $125000.00, are you sure about that?- check the couny auditor's site.
0 votes Thank Flag Link Thu Nov 13, 2008
Elizabeth,

If you don't have your answer yet, we'll be happy to run your credit and give you the answer based on your credit score and type of program that would fit your needs best.

Feel free to contact me directly.

Naima
214-289-8555
naima@sumner-realty.com
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Thu Nov 13, 2008
You can go to http://www.realtor.com and go to teh financial section where there is a free mortgage calculator. you can check out what the payments are based on different interest rates. you should then meet with a local and trusted mortgage company who can look at your finacials and tell you what programs you will qualify for and what price range you should look in, what your monthly payments will be and how much is required down. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Nov 13, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer