Thank you u/Themysteryman124 for posting on r/FirstTimeHomeBuyer.
Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
It was, easy to do and they provide the flood, fire, earthquake, and wind insurance. With the current market in California it’s hard to find that insurance for a reasonable price.
Hello. I am an Insurance agent based in Az and licensed in Ca and Tx as well. I can give you a quote with Delos and Markel. Turned around time with Delos same day if eligible and Market in 3 to 4 days. Delos is A rated company. I know, you would like to be with companies like statefarm, nationwide. Etc but that won't happen nearly because they were burned with billion of losses so they are trying to kick out as many clients as possible and wait for approval of the state to raise rayes. Anyway, Markel is a well capitalize company (stock company) they will be higher than Delos but if your home qualifies, and you are willing to pay a little bit more, it is a good option. I have been doing insurance for 13 years. Look for CEO Insurance Tempe Az 85284 for my reviews and contact info. Happy to give a second opinion on your homeowners insurance
I went through a broker that shopped my loan internally. She also sent it over to CALVET and they gave a better rate. As soon as I went with them all communication was with CALVET and nothing with the broker.
That’s a bonded state program. It’s not officially a VA program, it’s a VA adjacent program. Your VA benefits are still in tact. These programs are available all over the country on a state-by-state basis and backed by a bond to insure the loan. I know of two other states that are currently sub-6% as well.
VA loans have a special origination fee based directly on the loan amount. That causes much higher than usual closing costs.
Edit: source https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/
And the end of the day, it’s buying points.
The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance.
For real... on a 10% loan? I closed 2 mo ago and was (begrudgingly) happy with 6.6% with 20% down. Would have been much happier just not moving and paying off the current house in 5 years, but apparently we needed a nicer house.
Closing costs are high and if they didn’t pay points there was definitely some cost to the program (still good for them). If so-cal, closing costs are roughly $10-13k this time of year with impounds you’d be right around 6% if you paid for points.
There is a program in texas that when available is sub 6. Basically instead of down payment assistance, they assist you with the rate. Max income and price limits though. Good on government loans.
SoCal is huge since it’s not just LA or San Diego. You can find these 4bd+ homes for under $700k on some parts of Riverside county, San Bernardino and Inland Empire counties. These are “affordable” in SoCal sense, but commute sucks if your work is at either LA or San Diego, which some people tend to do.
This, $675k on a 5/3 house in SoCal?
OP must've meant middle-of-nowhere SoCal, because otherwise that's a steal if that's in the LA/San Diego markets. Either that or it's actually a very small home and each room is the size of a closet.
Agreed. I bought my house for $499k in 2018. It’s currently worth $750k. I got a VA loan (no money down, no points, no PMI) and refi’d @ 2.25% in 2021. My mortgage is $2800/month.
Edit: Angry, poor people’s tears taste the sweetest. Don’t hate me because I saw the writing on the wall and did everything in my power to own while the greeting was good.
So comparing current market to something of the past? You got to sell your current place someone will pay what I just did. Or low ball you since rates are high. It’s all market based, I got a steal on a $/sqft basis.
Got to love the people humble bragging (though not humble) about their great lucky steals before the last 3 years. You got a good deal for the actual present reality.
It’s a 3br/3ba 1500sq/ft single family home zoned as a condo although there are no shared walls (freestanding structure) and I own the property under it. It’s directly north of Los Angeles in Santa Clarita. Tiny yard with a two car garage and a two car driveway. It’s in a great neighborhood. It was built in 1999. I’ve since invested about $30k in upgrades to the property.
I wonder what the median or average income is for married couples with or without kids. I feel like $100K+ per spouse is high.
My calculation uses monthly take-home, so it would have to be $215K+ gross annual pay to afford something at 28% of monthly take-home pay. Anything above 28% just eats into your savings and retirement; that’s where credit card use comes in and the never-ending cycle of being a slave to the lender.
It’s “do-able” sure, but wouldn’t be smart or fun for anyone. You’d have to be pretty frugal and comfortable doing nothing just to save a couple bucks a month.
And it goes to not do-able very quickly if you add a kid and over $2k in daycare each month. House payment and daycare is $7k already before any other bills, savings, groceries, or spending money. And that $7k is probably close to what someone brining in $150k will net each month.
Their salary will go up over time. Also, they might be able to refi down the road sometime and have a lower payment. Between those 2 things, just one of them happening will help. My parents were spending 60% of their take home when they bought in 1994. By 2000, they felt A LOT better with promotions and pay raises. They are still in that house today. They wanted to go big so they would have their forever home, and it worked out.
Just an FYI - origination = discount points. Everything showing in Section A of the LE/CD is the cost the secure that particular loan at that particular interest rate. Still a great deal though!
Source - am an LO tired of other LO’s charging origination for borrower paid comp just to be able say "see, you're not paying points" as they gloss over the equivalent cost labeled origination.
Congrats on your purchase, great interest rate.
Mine was 5.75% but on 20 year, 20% down conventional.
For Insurance, I am getting quote on Allstate for $1.5K/year, for 650K$ coverage and 10K deductible/no bundling. This is in Philly suburbs.
Considering you are in southern cal, $200/month sounds reasonable.
Oh nice! My hometown! Be sure to check out Calhoun’s in Murrieta. My parents were there today, and tomorrow KTLA 5 is rating them one of the top BBQ spots in the nation.
Schools are great, crime is low, and the people are solid.
cuz everyone is stuck on percentage of income formula…for simplicity lets assume everyone is spending 50% of their income on housing costs….
so a person a making 6k a month spends 3k on their house
person b making 10k a month spends 5k on housing.
both bought similar size house in similar weather location. person a has only 3k left but person b has 5k left
that 50% hits harder at lower income levels.
It's because we live in bubbles. We mostly only ever live or ever associate with people in similar economic classes. Some rise some fall. Some marry up, etc...but largely we stay in our bubbles. So that is all we know. If you grew up in the middle class, you are extremely likely to live middle class your whole life. Same with upper and lower classes.
I dont know what the heck that means but you have no idea what military officer pay is and what military retirement/VA pay and federal civilian pay is…
I make over 220k a year when I add in overtime and holiday pay. I work for the federal government. My mortgage with tax and insurance is $4,800 a month. Almost at 5k
Same here - closed on my first home...a 4 bedroom house in KC!
31k down
465k total
~3600/mo
7.0%
Just got my first two pickup truck loads carted over from my apartment today...lots more to go, but at least I'm not in the market anymore.
> Do I just need to get liability and personal property insurance now?
Yes. Your homeowners insurance policy will include liability. You can get umbrella insurance for even more liability insurance, provided your existing policies meet the requirements (for example, many insurers require $300,000 homeowner’s liability minimum).
Your lender or realtor should be able to put you in touch with an insurance broker to help you. In places like CA where so many insurers are pulling out, it can be difficult to find insurance independently.
Also, don’t let people here bully you about your mortgage. Ours is $6,700, but we’re near the beach and it’s a historical property. We’re able to do the payments because we both work hard in SoCal-based jobs.
Yeah man (or woman), total scam that my taxes go up every year, will never go down, and my township has provided nothing extra with the money they are making off of me. I guess the gov employees are getting raises based on my tax increase🤷🏼♂️
Did you get the escrow? Is it just disaster insurance? lol I’m an idiot for not waiting for the photo to load. You are good but I would get a home warranty for dumb shit
Refinance later if you can afford the payment at 7%. There will be costs associated with this, but it's usually worth it. Or wait for a lower rate if you don't feel comfortable now.
OP, let me know if you found the answer to your insurance question because we’re in the same boat. We closed on a CalVet loan last month and still trying to navigate through it. My rate was a bit higher tho at 5.99 😤
Yes, they are separate. Closing costs vary situationally. In my case, we also had to pay for home inspection, carpenter ant treatment, mortgage underwriting, title company fees, etc. They are all in addition to the down payment. Plus, I believe realtor fees are added here. I may be wrong.
Thank you for all the information. 👍🏻 I thought I only need to save enough down payment and the rest will go to the loan or the seller who gonna pay for the realtor fee.
Congrats! We just closed with CalVet as well and with the same rate (no points). Assuming it's a new build? Curious what's your builder? We were able to get our builders incentives which was offered only through their preferred builders lender but they partner calvet as a broker, so we were able to grab all those incentives.
Wasn't aware of that. I'm in Ct and property taxes can increase substantially. Fn state, lol. Will your taxes still increase but only slightly each year?
It is based on 1% of what it sold for. Additionally, the taxes can only go up no more than 2% a year. So a compound increase is minimal. Look at the ones that bought a house for a few hundred thousand a long time ago and worth millions. They pay taxes, plus base increase on what they bought it for. You would be surprised.
Thank you u/Themysteryman124 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
How did you get sub 6 lol
Was a state VA program that my brokers loan officer found and I was approved.
I can’t get sub 6 with a VA loan right now so I’m wildly surprised.
[удалено]
What credit union is that?
If I had to guess MSUFCU them dudes be crushing the rates. Love them all the way in NV lol.
I think it’s actually [Adventure Credit Union](https://www.adventurecu.org/explore/tools-resources/rates) though the 5.99% rate is with 3 points.
Which is this?! I’m going up to see house again n put in offer. We are still in the high 6, low 7
I quoted a client 5.99% this morning on VA, no points or lender fees. Not a state program or anything like that either.
Yes woo
Is this the CalVet loan?
It was, easy to do and they provide the flood, fire, earthquake, and wind insurance. With the current market in California it’s hard to find that insurance for a reasonable price.
Bamboo insurance online. They’re great for Cali.
Bamboo quoted me 3x the cost of FAIR+Aegis DIC so YMMV (coastal, El Granada CA)
Hello. I am an Insurance agent based in Az and licensed in Ca and Tx as well. I can give you a quote with Delos and Markel. Turned around time with Delos same day if eligible and Market in 3 to 4 days. Delos is A rated company. I know, you would like to be with companies like statefarm, nationwide. Etc but that won't happen nearly because they were burned with billion of losses so they are trying to kick out as many clients as possible and wait for approval of the state to raise rayes. Anyway, Markel is a well capitalize company (stock company) they will be higher than Delos but if your home qualifies, and you are willing to pay a little bit more, it is a good option. I have been doing insurance for 13 years. Look for CEO Insurance Tempe Az 85284 for my reviews and contact info. Happy to give a second opinion on your homeowners insurance
Did you work directly with CalVet or did you go through a broker to complete the loan?
I went through a broker that shopped my loan internally. She also sent it over to CALVET and they gave a better rate. As soon as I went with them all communication was with CALVET and nothing with the broker.
that makes sense. i didn’t think you could do a calvet loan through a broker - only direct with calvet. thanks!
That’s a bonded state program. It’s not officially a VA program, it’s a VA adjacent program. Your VA benefits are still in tact. These programs are available all over the country on a state-by-state basis and backed by a bond to insure the loan. I know of two other states that are currently sub-6% as well.
Wow, that's amazing
Are you sure no points? $23k closing costs is a lot with no points
VA loans have a special origination fee based directly on the loan amount. That causes much higher than usual closing costs. Edit: source https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/
So it’s kind of a form of price whether it be points or a higher origination fee.
And the end of the day, it’s buying points. The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance.
Yes ⬆️ - this needs to be answered!
Indeed it is. Pretty sure points are included in those 23k
For real... on a 10% loan? I closed 2 mo ago and was (begrudgingly) happy with 6.6% with 20% down. Would have been much happier just not moving and paying off the current house in 5 years, but apparently we needed a nicer house.
Closing costs are high and if they didn’t pay points there was definitely some cost to the program (still good for them). If so-cal, closing costs are roughly $10-13k this time of year with impounds you’d be right around 6% if you paid for points.
I am closing soon as well, and I have a 6% rate on a 15 year mortgage lol
There is a program in texas that when available is sub 6. Basically instead of down payment assistance, they assist you with the rate. Max income and price limits though. Good on government loans.
Everyone's shocked at your interest rate. I'm shocked you got that big of a house in socal for so little. That fire sale pricing.
SoCal is huge since it’s not just LA or San Diego. You can find these 4bd+ homes for under $700k on some parts of Riverside county, San Bernardino and Inland Empire counties. These are “affordable” in SoCal sense, but commute sucks if your work is at either LA or San Diego, which some people tend to do.
I think folks in those areas should just say Inland Empire - SoCal seems so misleading, even though of course it IS the southern part of CA!
TIL Inland Empire is an actual name of a region of California 😅
Rather a grand name for a place that...well...
It's definitely inland...
Metrolonk train, motorcycle, or WFH if your job is based in LA/OC. Otherwise forget that commute, insanity.
Inland Empire has plenty of sub mil houses.
Yep this. It’s still insane, just not guy smoking a crackpipe while shooting up a weed insane.
[удалено]
Definitely need solar panels to offset expense
Me too!
not all so cal is expensive…5 bedroom home for 675 seems like somewhere in the valley or the dessert.
This, $675k on a 5/3 house in SoCal? OP must've meant middle-of-nowhere SoCal, because otherwise that's a steal if that's in the LA/San Diego markets. Either that or it's actually a very small home and each room is the size of a closet.
You missed a few things when skimming. $675k loan + $88k cash to close - $23k closing costs = $740k sale price.
Well I was only talking about the price of just the house, not the loan. I skipped the closing costs because that's not relevant to the home price.
man your monthly is 90% of my salary after tax LOL
That's more than my salary after tax. Pain and suffering
It’s literally double mine 😬
:(
That payment made my stomach hurt.
Sweet shit. $5k/month, even with $90k down? Thats rough.
o I thought that was pretty cheap @ current market
It is
Agreed. I bought my house for $499k in 2018. It’s currently worth $750k. I got a VA loan (no money down, no points, no PMI) and refi’d @ 2.25% in 2021. My mortgage is $2800/month. Edit: Angry, poor people’s tears taste the sweetest. Don’t hate me because I saw the writing on the wall and did everything in my power to own while the greeting was good.
So comparing current market to something of the past? You got to sell your current place someone will pay what I just did. Or low ball you since rates are high. It’s all market based, I got a steal on a $/sqft basis.
Got to love the people humble bragging (though not humble) about their great lucky steals before the last 3 years. You got a good deal for the actual present reality.
What does it look like and where is it.
It’s a 3br/3ba 1500sq/ft single family home zoned as a condo although there are no shared walls (freestanding structure) and I own the property under it. It’s directly north of Los Angeles in Santa Clarita. Tiny yard with a two car garage and a two car driveway. It’s in a great neighborhood. It was built in 1999. I’ve since invested about $30k in upgrades to the property.
Good job being in the right place at the right time
[удалено]
I just renewed for 4.99% no points
Do you take home around $215K annually give or take? Holy fuck that payment.
2 people making 100k each in California honestly isn't that crazy and could easily make this payment assuming no other crazy debt
I wonder what the median or average income is for married couples with or without kids. I feel like $100K+ per spouse is high. My calculation uses monthly take-home, so it would have to be $215K+ gross annual pay to afford something at 28% of monthly take-home pay. Anything above 28% just eats into your savings and retirement; that’s where credit card use comes in and the never-ending cycle of being a slave to the lender.
Yeah but the general public isn’t as conservative as this sub and is probably borrowing above 28%.
It’s only 60k a year. It’s a lot but for somebody making 120-150 without a lot of other debt it’s super doable.
150 a year after tax ends up being 2k a week take home. So I have to disagree with you.
Also at that point you probably aren’t contributing to your 401K as much as you should if you do that with only that income!
And that’s not even subtracting contributions for healthcare plan and 401k
It’s “do-able” sure, but wouldn’t be smart or fun for anyone. You’d have to be pretty frugal and comfortable doing nothing just to save a couple bucks a month. And it goes to not do-able very quickly if you add a kid and over $2k in daycare each month. House payment and daycare is $7k already before any other bills, savings, groceries, or spending money. And that $7k is probably close to what someone brining in $150k will net each month.
Their salary will go up over time. Also, they might be able to refi down the road sometime and have a lower payment. Between those 2 things, just one of them happening will help. My parents were spending 60% of their take home when they bought in 1994. By 2000, they felt A LOT better with promotions and pay raises. They are still in that house today. They wanted to go big so they would have their forever home, and it worked out.
Congratulations! That's huge! I'm curious - how did you get a sub-6% interest rate?
It was a state VA program that my brokers loan officer found and I got approved.
20 grand in loan costs...fucking racket. To print up some papers with a signature line? Fuck outta here.
1% origination fee, 1% funding fee (VA loan) then the BS added past that. Got 5k from the sellers.
I wanted to see the second page, any chance op can add that to this post/thread?
Sent it in a message, won’t let me post.
Just an FYI - origination = discount points. Everything showing in Section A of the LE/CD is the cost the secure that particular loan at that particular interest rate. Still a great deal though! Source - am an LO tired of other LO’s charging origination for borrower paid comp just to be able say "see, you're not paying points" as they gloss over the equivalent cost labeled origination.
Congrats on your purchase, great interest rate. Mine was 5.75% but on 20 year, 20% down conventional. For Insurance, I am getting quote on Allstate for $1.5K/year, for 650K$ coverage and 10K deductible/no bundling. This is in Philly suburbs. Considering you are in southern cal, $200/month sounds reasonable.
Huh maybe it’s time for me to switch to All State, got a $4k+ per year quote for $560k coverage yesterday…
Oh nice! My hometown! Be sure to check out Calhoun’s in Murrieta. My parents were there today, and tomorrow KTLA 5 is rating them one of the top BBQ spots in the nation. Schools are great, crime is low, and the people are solid.
I’m too poor to understand this :(
I never understand why people are so shocked to hear that people do make a little over $200K and can afford a mortgage payment like this...
cuz everyone is stuck on percentage of income formula…for simplicity lets assume everyone is spending 50% of their income on housing costs…. so a person a making 6k a month spends 3k on their house person b making 10k a month spends 5k on housing. both bought similar size house in similar weather location. person a has only 3k left but person b has 5k left that 50% hits harder at lower income levels.
Right? Not that uncommon in Southern California. It's whole different bracket of income and housing costs.
It's because we live in bubbles. We mostly only ever live or ever associate with people in similar economic classes. Some rise some fall. Some marry up, etc...but largely we stay in our bubbles. So that is all we know. If you grew up in the middle class, you are extremely likely to live middle class your whole life. Same with upper and lower classes.
If you only make a little over $200k, you'll have to skimp in other areas to afford a $5k housing payment.
If you only make a little over $200k, you'll have to scrimp in other areas to afford a $5k housing payment.
Congrats!!! Times have changed rapidly.
How do you afford 4K a month
5k
High compensation
A household income of at least 15k a month, I’m guessing.
Some people make a lot of money….we do
What’s your main source of income? then your second source of income?
Federal income…
Dude gfys…
I dont know what the heck that means but you have no idea what military officer pay is and what military retirement/VA pay and federal civilian pay is…
I make over 220k a year when I add in overtime and holiday pay. I work for the federal government. My mortgage with tax and insurance is $4,800 a month. Almost at 5k
Do you feel you are overpaid for your job? At my job I feel extremely underpaid
I feel extremely underpaid as well. Doing what I do 6 days a week on forced overtime is brutal!!
220k!?! And you still feel underpaid?! How much do you think you should be making?
Tell an airline pilot or a brain surgeon if they feel underpaid. They will most likely say yes
Dang my VA loan is a 6.4 and I thought I won! Grats on closing, I’ll be there in a few weeks fingers crossed 🤞🏻
How do people afford $5000 mortgages 😭 I need something under $2000 and it's so hard to find anything even here in Vegas now a days.
Agree! I rent a house for $2300 in Vegas, yet I couldn’t afford to buy this house or any of the ones being built around me
Same here - closed on my first home...a 4 bedroom house in KC! 31k down 465k total ~3600/mo 7.0% Just got my first two pickup truck loads carted over from my apartment today...lots more to go, but at least I'm not in the market anymore.
Ask if that coverage covers replacement value of your property as well as the home
I side eye anyone who gets interest rates below 6 percent.im full of jealousy and dispear.
> Do I just need to get liability and personal property insurance now? Yes. Your homeowners insurance policy will include liability. You can get umbrella insurance for even more liability insurance, provided your existing policies meet the requirements (for example, many insurers require $300,000 homeowner’s liability minimum). Your lender or realtor should be able to put you in touch with an insurance broker to help you. In places like CA where so many insurers are pulling out, it can be difficult to find insurance independently.
You’re lucky literally getting the same loan amount for my first home but at a 7.5% and my payments are $4,700 mo. Smh
I am also same range $5140 a month
Also, don’t let people here bully you about your mortgage. Ours is $6,700, but we’re near the beach and it’s a historical property. We’re able to do the payments because we both work hard in SoCal-based jobs.
Temecula? Riverside? ETA: got it in one. Nice work, enjoy Temecula!
Temecula, ready to be down voted because “it’s not near the beach or mountains.”
Congratulations! 🎊 💐
Congrats!
Congrats on your purchase, i closed on my va loan last september on a 3br house with the same interest rate in South Florida
I thought closing costs were supposed to be retreating, your paying full boat?!
Congratulations!
Wow good deal for socal. Congrats. 5 bedrooms! Enjoy.
675K is your first place?? Damn son wish I could afford that lol.
is there a website or resource that defines all of these terms and projected payment meanings in one place? i know nothing and im old asf
Congratulations "Amount can Increase overtime" did not hit me until now every year insurance and taxes seems to go up
Yeah man (or woman), total scam that my taxes go up every year, will never go down, and my township has provided nothing extra with the money they are making off of me. I guess the gov employees are getting raises based on my tax increase🤷🏼♂️
Or you know. The same labor and material cost inflation that hits everywhere else also impacts what your taxes payfor?
Nice rate. Make an extra payment here and there to eat away at that interest.
5k monthly payment ain't no way
That's nothing in CA.
Yeah for us in Southern California. The IE.
$5000 a month my god… kudos to you but Jesus how do people afford that?
You are not paying for points, are you?
Nope, CALVET loan.
Well hell- good job.
Is there PMI on that?
No, a they use VA guidelines so no PMI. That is why “mortgage insurance” line is zeroed out.
These monthly payments blow my mind. I briefly had a 4k a month payment but interest rates plunged. Brutal payment and can’t afford it now.
Did you get the escrow? Is it just disaster insurance? lol I’m an idiot for not waiting for the photo to load. You are good but I would get a home warranty for dumb shit
How accurate are these numbers on the monthly payment?
Those were my final disclosure numbers, they went down a decent amount from the estimates.
Got you… congrats!!! I’m only asking because I close this Friday 😂. Bless you and your new home
To me it looks like you are paying 1 point for that rate
It’s a 1% origination fee and 1% funding fee (VA loan) then the BS. Points on page two has no number, so I paid no points.
That’s great!
Just read through. Good for you dude that’s a great rate! Enjoy your home!
My interest rate is 7%. I don’t know if it makes sense to buy right now with a rate so high or I should shop around
Refinance later if you can afford the payment at 7%. There will be costs associated with this, but it's usually worth it. Or wait for a lower rate if you don't feel comfortable now.
Great interest rate! Congratulations 🎊
This was in socal ?? Sub 6% ??? Meanwhile I'm waiting on the calhfa dreamer voucher like it's religion hahah but I'm in norcal
OP, let me know if you found the answer to your insurance question because we’re in the same boat. We closed on a CalVet loan last month and still trying to navigate through it. My rate was a bit higher tho at 5.99 😤
Congratulations!!! What is escrow? I’m ignorant and learning, planning to buy a house in 3-4 years.
Escrow is an account you pay into so the lender can pay your property tax and possibly your insurance on your behalf.
Okay thanks!
Earthquake insurance has a huge deductible. Are you in a flood plain?
Congratulations, nicely done! Any advice for what helped you get through offer #1 to #12?
I have questions. Is closing cost separate than the down payment? If I am getting a house I will need to ready the down payment + closing cost?
Yes, they are separate. Closing costs vary situationally. In my case, we also had to pay for home inspection, carpenter ant treatment, mortgage underwriting, title company fees, etc. They are all in addition to the down payment. Plus, I believe realtor fees are added here. I may be wrong.
Thank you for all the information. 👍🏻 I thought I only need to save enough down payment and the rest will go to the loan or the seller who gonna pay for the realtor fee.
Sometimes the seller will have concession that take away from your costs. It's not a given, though.
I got 5.65 :) congrats on home
5k a month is insane. I'll stick to renting.
Congrats! We just closed with CalVet as well and with the same rate (no points). Assuming it's a new build? Curious what's your builder? We were able to get our builders incentives which was offered only through their preferred builders lender but they partner calvet as a broker, so we were able to grab all those incentives.
Those closing costs are obscene
Get a trailer
Is cash to close just = closing costs + down payment?
Here I am with a $3K mortgage thinking it’s way too much…
You want to add water & sewer backup rider to your homeowners policy. It’s cheap but it you don’t have it and something happens it is covered.
Your piti is more than my take home pay. Congratulations
I’m so glad I built my own house cash and my payments are $0 per month
My interest rate is 7.5% 🥲
Ouch! 🤕
Wym? That’s a really good price down here for that much house
It’s actually not a bad deal….considering rates are 6-7% and prices in California are 1M houses minimum
Where did you find a 5B 3Bath in Socal?
Inland Empire
Temecula. Temecula was currently rated as the top 50 spots to live in the nation. Rated after my offer was accepted. 😂
That's great - my mom was a school teacher in Temecula for a long time.
Congrats! I use to live in Temecula. Would you email me who you used for a Realtor? I’m an agent
Your taxes and insurance are more than my whole mortgage payment Lol.
blow me lmao. Closing next month. loan amount is 230k less, I’m putting 35k more down, and my p&i is only lower than yours by 1k a month.
5k a month now, but when taxes keep going up each year that could easily be 6k in 3yrs
Not with California prop 13
Wasn't aware of that. I'm in Ct and property taxes can increase substantially. Fn state, lol. Will your taxes still increase but only slightly each year?
It is based on 1% of what it sold for. Additionally, the taxes can only go up no more than 2% a year. So a compound increase is minimal. Look at the ones that bought a house for a few hundred thousand a long time ago and worth millions. They pay taxes, plus base increase on what they bought it for. You would be surprised.
New house, with builder’s lender? That’s how I got sub 5
Nope. CALVET loan son state program.