Pre-paids are property specific and include, prepaid interest, homeowners insurance, real estate taxes on the property and any private mortgage insurance depending on the LTV or type loan you are using to finance the purchase. Because of this those fees will be unique to each purchase. To get an idea you should speak with a loan officer or mortgage broker to get what is called a Good Faith Estimate so you can understand not only what these fees are but also know what you will need to bring with you to closing.
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
Purchase a church is no different than purchasing any other commercial property . Based on ability qualify for a loan OR pay cash . Matter of locating a church for sale in particular area
What do you mean by fair? In most cases these days you need a 620 score. However there are programs out there that work with a lesser score. If you know you're score and it';s 620 or better start looking around. If you aren't sure or it's less go to a reputable mortgage broker to get evaluated to see where you're at and what you need to do to qualify. It may be easier than you think with a little effort. There's always the NACA program, but you may be able to go an easier route.
Good luck.... more
My first question is whether the owner is willing to work with a real estate agent? If so, the please work with one to help you through the process.
Second, you need to talk with a mortgage company and see if you can qualify for a loan, presuming you are not paying cash. If you cannot be approved for a loan, this idea is deal is dead before it begins.
Second, go to the Bear County Appraisal District (BCAD.org) web site and see what the property is worth on the tax records. You do not want to pay too much over tax appraisal.
Know too, the lender will do an appraisal and will not lend more money than the property is worth.
Once pre-approved, you can enter into serrious negotiations. This is where the agent is priceless.
Hope this helps. Let me know if you need anything else.
Dominick Dina, Broker/Owner
Christian Realty San Antonio... more