Frequently Asked Questions
Frequently Asked Questions
FAQ: What are the hidden costs of buying & owning a home?
Great question! While these are estimates, they will give you a good idea of what to expect:
• One-time closing costs estimate: 2% of the home’s purchase price.
• Annual property taxes: 1.25% of your home’s value, unless there’s Mello Roos tax. *
• Annual homeowners’ insurance: anywhere from $90-$200 per month. *
*Property taxes and homeowners’ premiums will typically be added to your monthly mortgage payment. Keep this in mind as you play around with mortgage calculators — some account for taxes and insurance; others do not.
The best way to gauge your total costs of owning a home is to meet with a knowledgeable mortgage lender (me) :).
How Exactly Do Interest Rates Work
How exactly do interest rates work?
An interest rate is the “price” a lender charges a borrower for a home loan.
Interest rates rise and fall daily based on loan type (rates are typically lower for shorter-term loans), what the Feds are doing (the U.S. central bank), and, yes, inflation.
Wanna run the numbers to see what you could afford, or have other questions about buying or selling? D.M. me! I’d love to hear from you.
