When The Same Loan Amount Equals Different Payments
If you are out shopping for a home then you will want to listen to this episode!
Let’s just say you have a pre-approval for $500k and are doing 20% down. Loan amount of $400k.
In this episode, I explain how the same loan amount can equal much different monthly payment amounts.
Here is a short test case.
1st $500k house. Built in 1926, in a flood zone, roof is 20 years old, has a pool, 2 floors, wood frame and is nowhere near a fire hydrant. You can imagine how much the flood and homeowners insurance will cost on that house.
In Florida that flood would be between $3k-$7k and the homeowners would be the same or more.
2nd $500k house. Brand new construction. 3/2 no pool and not in a flood zone. Insurance companies love this house!
Flood is zero and homeowners would be less than a $1K
You are looking at a swing of $6k-$15k a year or more between the two houses.
Just keep an eye on this and I go into more detail with the episode.
I do Mortgages for a living, if I can ever help you buy or refinance a home let me know!
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