Help! First-time homebuyer! What does this mean?
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First-time homebuyer... Need help! What is annual home insurance % rate? How do you find it? What is annual property tax % rate? How do I find that? What is PITI? What is PMI? What are "points"? What if you have student loans to pay back, can you still qualify for mortgage? Can you qualify if you hardly have any credit (not bad credit, just not much)? How do you get low interest rates?
Help! First-time homebuyer! What does this mean?What is annual home insurance % rate?
It depends on many factors such as how close you are to a fire department, how close you are to a fire hydrant, the area you live in, does your property require flood insurance and so on.. In our area it is roughly around .5% annually which means about $500 yearly for a $100,000 home.
How do you find it?
Talk to a home insurance company. Your lender or your real estate agent could most likely give you estimates.
What is annual property tax % rate?
Once again it is local and you can talk to a real estate agent about it. In my area the rates are similar to home insurance rates.
What is PITI?
Principal, Interest, Tax, and insurance. It is your mortgage payment with all of your escrows included.
What is PMI?
Private Mortgage Insurance. It is required on loans that have Loan to Value ratio greater than 80%, See this site for more info http://www.bankrate.com/brm/news/mtg/200...
What are "points"?
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