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Real Estate
Reply to "Buying a home 101"
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[quote=Anonymous]Remember that 'mortgage calculators' are only calculating your PI (Principle and Interest). But you also have to pay TI (Taxes and Insurance). To find out how much in taxes you'll pay, go to the county/city website. It will be set as, for example $1.07/$100 of assessed value (which is usually slightly less than what you pay for it). Insurance is harder to calculate. Talk to people you know that live in places similar to what you want to find out an estimate. You also have to add PMI to your PITI monthly payments if you put less than 20% down. That can add $200-$300 per month. Also, you'll need about 3% for closing costs. Also look into using a Credit Union. They often have better programs than Banks. But you usually have to be a member. Check out Navy Federal Credit Union (have to be a memeber) or NASA Federal Credit Union (don't have to be a member). They have a 0% down, no PMI loan program. [/quote]
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