For houses in Cape Coral, I noticed insurance is over $600 a month? Is that property insurance? Also mortgage rates are 6.5%?

Asked by Trishy Knishy, Cape Coral, FL Wed Jun 6, 2012

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Marc Comisar, Agent, Bonita Springs, FL
Wed Jun 6, 2012
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Wed Jun 6, 2012
Insurance is not going to be $600.00 a month unless you are purchasing a VERY EXPENSIVE property! The mortgage rates will be determined by your lender but buyers with solid credit are not currently having to pay 6.5%. I know someone who just did a refinance and rec'd an interest rate of 4.25%.

If you would like to get accurate rates on both insurance and interest rates please feel free to contact me. I will be happy to put you in touch with professionals who can assist you.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
phone: 239-707-4575
0 votes
Joe Sansone, Agent, Fort Myers, FL
Wed Jun 6, 2012
That sounds high on both counts but it totally depends on the property and your credit situation. I can put you into contact with reputable lenders and insurance agents locally. Feel free to contact me through my website below.
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Steve Geving, Agent, Fort Myers, FL
Wed Jun 6, 2012
Mortgage rates vary according to type of loan, credit, down payment, etc. Average 30 yr fixed rates are currently running 3.5-3.875%. Insurance varies by the replacement value of home, personal contents, credit, past claims, location, etc. $600 per month would probably apply to million dollar homes on the water. An average single family home ($150K-200K without water) would cost $1300-$1800 per year. Im not a lender or insurance agent but can give you names if you would like.

Steve Geving
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Marge Bennett, Agent, Fort Myers, FL
Wed Jun 6, 2012
where are you getting your information. Please talk with a local Realtor, lender and insurance agent for accurate, up to date, information. I would be happy to help you find the right property and refer you to good sources for the other information.
Marge Bennett
RE/MAX Realty Group
0 votes
Anthony Cinc…, Agent, Cape Coral, FL
Wed Jun 6, 2012
Hello Trish,

The insurance can vary greatly depending on where you are located in the cape. I know when I relocated here I was amazed that the first insurance quote I received was so high as I was only paying about $600/yr on my other home in Nevada.

For example, I recently was purchasing another property and due to it's location in a flood zone on a canal with an older non hip style roof the insurance was going to be appx $3200/Year.

I was able to find another property that is less than 15 minutes away and in a low risk zone and my current insurance is less than $1200/year.

There are other items that can aid in reducing your overall insurance costs such has having a wind mitigation inspection and a base flood elevation study completed, both of which can have a dramatic impact on your insurance rates.

Interest rates are very low at the moment however that is subject to credit score, debt to income ratio, etc... I would suggest you contact a mortgage broker for accurate info and to be pre-qualified. Let me know if you would like a few referrals.

If you have any other questions or would like some assistance with locating a property that meets your needs without breaking the bank just let me know, I am always happy to be of assistance.

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Frank Glaab…, Agent, Cape Coral, FL
Wed Jun 6, 2012
Hello Trishy,

Both insurance and Mortgage rates depend on certain circumstances. Insurance depends on the location, age and flood zone the property is in. If it's located in a flood zone, then your rate will be higher for Insurance. With a morgage, it depends on the bank, your credit and history and the down payment you put down. If you need a good mortgage banker, let me know. I also have a good insurance agent that gets good rates for my clients. Let me know if I can answer any more questions for you or if I can help you in any way.

Frank Glaab
Gulf Gateway Realty, Inc
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Nancy Doyle, Agent, Cape Coral, FL
Wed Jun 6, 2012
Hello Trishy,
As the others have said this is way off. It does depend on the home and location. I pay about $2000.00 a year for home owners insurance and I'm closing a deal today where my client is getting 3% interest on his loan. I would be happy to help you if you are not already working with a Realtor. I can look up fees on any property that you like. I would also be happy to give you the contact info of the mortgage broker that got my client 3%v fixed rate on his loan. Let me know if I can help. .

Have a great day,
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Daniel Barto, Agent, Naples, FL
Wed Jun 6, 2012
Woah! Time to get a second opinion. Mortgage rates can be around 4%. Just had a client lock in, well under 4. Insurance sounds very high compared to typical homes and locations. However it really depends if your buying an older home on the waters edge or new construction 10 miles inland. Do yourself a favor and shop around. That is normal and expected. Best of luck to you with your search!
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Mohsen Cyrus, Agent, Fort Myers, FL
Wed Jun 6, 2012
Good Morning,
It sounds too high for most homs. Your insurance premium is determined by the location, age and condition of the house. If you buy an older house on the river, which never had any updates, your premium could be this high. In any case, Cape Coral is worth every penny you spend on it. Come and see for yourself.
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Lilo Clacher, Agent, Cape Coral, FL
Wed Jun 6, 2012
Where did you get this information?
Both are wrong!!!!!!!!!!!!!!!!!!!!!
Please email or call me 239-699-0142 if you would like to get the correct information.
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Jay LaGace, Agent, Cape Coral, FL
Wed Jun 6, 2012
$600.00 per month.. No way!!!
My homeowners insurance is approx. $700.00 per year, and my flood is 672.00 per year..
I just closed a deal yesterday where the buyers interest rate was 3.75%.
Not sure where your getting your info.
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