house konna vallu or in process oka sari come here.. help

[Paddy]

Bhayyapersonally i would suggest for 5% downpayment, and you can invest the remaining 15% money  back in India, but its upto you. you will pay a PMI (insurance) of not more than $150 each month if you pay 5% down payment. 

Say suppose home is for 400 K -

5% of 400,000 -  20,000 

20% of 400,000 - 80,000

So the 60k can be used to invest. 

[Batman_fan]

Just now, Paddy said:

Bhayyapersonally i would suggest for 5% downpayment, and you can invest the remaining 15% money  back in India, but its upto you. you will pay a PMI (insurance) of not more than $150 each month if you pay 5% down payment. 

Say suppose home is for 400 K -

5% of 400,000 -  20,000 

20% of 400,000 - 80,000

So the 60k can be used to invest. 

very 

[iamlikethis]

9 minutes ago, Paddy said:

Bhayyapersonally i would suggest for 5% downpayment, and you can invest the remaining 15% money  back in India, but its upto you. you will pay a PMI (insurance) of not more than $150 each month if you pay 5% down payment. 

Say suppose home is for 400 K -

5% of 400,000 -  20,000 

20% of 400,000 - 80,000

So the 60k can be used to invest. 

150$ per month ante 30yrs pay cheyala.. then it comes 360*150= 54000$ kada? plz throw some light ya

[chicchara]

4 minutes ago, iamlikethis said:

150$ per month ante 30yrs pay cheyala.. then it comes 360*150= 54000$ kada? plz throw some light ya

once you reach 20% down thru payments(which is for abt 7-10 yrs maybe) ..tht pmi($150) will stop

[iamlikethis]

12 minutes ago, chicchara said:

once you reach 20% down thru payments(which is for abt 7-10 yrs maybe) ..tht pmi($150) will stop

thank you bro.. same applies for 15yrs intrest?

[chicchara]

12 minutes ago, iamlikethis said:

thank you bro.. same applies for 15yrs intrest?

should. yes

https://www.mtgprofessor.com/calculators/Calculator4a.html

[kasi]

3 hours ago, afmod1 said:

Downpayment entha kadithe PMI tagguthadi (always 20% aa or its different for lenders?)

depends on how much you pay as PMI, sometimes 20% will be big money. considering downing 20% in this situations you need to give it a GREAT thought.......for you to get rid of PMI you need a min 20%. even if you down 5%  now(if your bank is ready for a 5% down, which i did)...once you think everything is clear n fin, like an year later...pay the delta for 20% and get out of PMI....just a thought

3 hours ago, afmod1 said:

Rate and APR difference enti?

question ardham kala

3 hours ago, afmod1 said:

what was/is your APR for your mortgage loan?

mine in 3.6 fixed 30yrs

3 hours ago, afmod1 said:

Also

HOA valla benefits enti?

If you are buying a single family house, its almost NIL....but for condo it can range anywhere between .20cent to .50cents per Sq ft . most of them in condos include water, trash, sewage and basic maintenance like(grass, snow, pool and stuff)

 

3 hours ago, afmod1 said:

Home Insurance ki evainam manchi companies unte suggest plz...

 

 

same as car insurance uncle....it all depends on how much u want to get covered....shop around, i have both car n property with the same insurance company 

[kasi]

and for mortgage...try local credit unions, they will get you the best rates

and with whats happening....i suggestion is dont go for arm..........rates will go up in the future 

[all_cinema_abhimani]

1 hour ago, Paddy said:

1. Credit Score - Min 760 to get best rate/bargain with many lenders.

First thing i did is to make sure to clear the debts i had on credit cards, so that there will be a boost in my score. Make sure you have 760 minimum to get the best rate and bargaining power. I had some fraud activity on my credit report, some one tried to open a credit card on my name, so called the credit reporting agencies and removed all those inquiries. 

2. Pre- Approval Letter. 

Go to a bank and take a pre-approval letter by giving your SSN, pay stubs and other details, depending your credit score and pay you will get a pre- approval letter which tells what is the max amount of loan you can get. This is valid for 6 months.

3. Start the home search process.

Area, school district (websites to compare school districts and ratings -school digger, greatschools, niche), commute, county taxes (some counties have high tax), resale value and time in market ( how soon the house will go if you plan on selling it)

I would suggest going for a old home but not more than 5 years you will get value for your money. But it is upto you.

Talk to multiple realtors in your area (preferably local small realtors) and finalize one with whom you are comfortable to talk, ask questions and take notes, 

4. Offer on the house.

Depending on your search criteria the realtor will show the houses and once you finalize the house you will put an offer on the house by negotiating the price.

5. Lender/Bank

Now you will go to multiple lenders/banks and check their mortgage rates and finalize who ever is giving the best rate. they will give you a quote summary, take it and compare across all the lenders and finalize.  

5. Loan Process

Once you put an offer and if the seller agrees you will write an offer letter and possible closing date in it. Then the actual loan process starts, you will submit all the necessary documents that the loan officer requests for, it will take around 15-20 days for the loan to be approved. I am at this process currrently. 

6. Closing Day.

In the summary/quote they will give how much you need to pay as down payment and other closing costs, 5% of house value plus closing costs (ex: for 400k home you will need around 26-28 k cash in your hand on closing day). Seller and you will sign all the documents needed for transfer of ownership in front of attorney.

7. Move in into your new home. 

Message me if you need more details or information. 

 

 

 

[all_cinema_abhimani]

3 hours ago, Dasani_das said:

Chase 15% down cheste PMI avoid chestundhi, kavali ante cheppu contact PM chesta. ekkada konali anukuntunnav nuvvu

Bro, PM me the details, planning to take in Dallas..

[afmod1]

28 minutes ago, kasi said:

depends on how much you pay as PMI, sometimes 20% will be big money. considering downing 20% in this situations you need to give it a GREAT thought.......for you to get rid of PMI you need a min 20%. even if you down 5%  now(if your bank is ready for a 5% down, which i did)...once you think everything is clear n fin, like an year later...pay the delta for 20% and get out of PMI....just a thought

question ardham kala

 

 

same as car insurance uncle....it all depends on how much u want to get covered....shop around, i have both car n property with the same insurance company 

 

[afmod1]

30 minutes ago, kasi said:

depends on how much you pay as PMI, sometimes 20% will be big money. considering downing 20% in this situations you need to give it a GREAT thought.......for you to get rid of PMI you need a min 20%. even if you down 5%  now(if your bank is ready for a 5% down, which i did)...once you think everything is clear n fin, like an year later...pay the delta for 20% and get out of PMI....just a thought

question ardham kala

mine in 3.6 fixed 30yrs

If you are buying a single family house, its almost NIL....but for condo it can range anywhere between .20cent to .50cents per Sq ft . most of them in condos include water, trash, sewage and basic maintenance like(grass, snow, pool and stuff)

 

same as car insurance uncle....it all depends on how much u want to get covered....shop around, i have both car n property with the same insurance company 

mine in 3.6 fixed 30yrs

how long ago did you get that bro? now they are not giving for less than 4.00% malli ivvala rate raise ayindi kada..

If you are buying a single family house, its almost NIL....but for condo it can range anywhere between .20cent to .50cents per Sq ft . most of them in condos include water, trash, sewage and basic maintenance like(grass, snow, pool and stuff)

  so vallu denigurinchi pattichukora even though we pay HOA? what we can expect with paying HOA...?

[crazymatta]

2 hours ago, Yuvatha said:

highly impossible....so konukomanta

 

2 hours ago, afmod1 said:

aa oohe entha bagundo..

but possible... still no need to wait.. market full peaks lo undi

 

2 hours ago, Yuvatha said:

2900sft 350k close to downtown where amma possible in MA?

 

2 hours ago, afmod1 said:

Not possible in any state bro...

min 450k unnay houses.. except few places like TX , Iowa, Wyoming

bro nenu chepedhi TX austin la

[afmod1]

1 hour ago, Paddy said:

Bhayyapersonally i would suggest for 5% downpayment, and you can invest the remaining 15% money  back in India, but its upto you. you will pay a PMI (insurance) of not more than $150 each month if you pay 5% down payment. 

Say suppose home is for 400 K -

5% of 400,000 -  20,000 

20% of 400,000 - 80,000

So the 60k can be used to invest. 

True.. PMI is hardly 150  to 200 per month.. but compared to 60k this is nothing .this money helps for future or other investments to get that $150 back..

so 5% is best..

if you are  a veteran you don't need to put in that too..

btw  @Paddy

[afmod1]

4 minutes ago, crazymatta said:

 

 

 

bro nenu chepedhi TX austin la

Austin la picha lite.. edo maro moola area lo tappithe neeku below 350to 400k radu @crazymatta baa .Austin la..