05-30-2006, 04:08 AM
Hi,
My advice, work with a lender before you even consider where to look. They can give you most of the info you need and they can tell you just how much you have to work with. And as soon as you find an area you are interested in, hook up with an agent that is knowledgeable about the area, the legal and financial requirements for that area, etc. Paying a commission might seem like a bad deal for something you might be able to do by yourself, but if something goes wrong, the costs can make that commission look like chump change.
Now, in this area, it costs about $2000 up front for all the niggle details (inspection, title search, closing fees, etc., etc.). Figure about 6% commission split between the realators (and if yours says he'll work both sides of the deal, tell him to take a long walk on a short pier -- can you say 'conflict of interest'?). You might also haver to pay the remainder of the year's taxes. And, of course, there's the down payment.
On the loan itself, you'll have the principle and interest payment, which you can figure out with a ten buck financial calculator, or look for one on the net (Countrywide has a few, and most of the numbers should work as well for Canada as for the USA -- besides, I've had a number of loans with them, and if they operate in Canada, you might want to at least check them out). In addition, you'll usually have to pay into an escrow account with your lender for the annual taxes and insurance (most lenders will not give you a loan without home-owner's insurance -- after all, till you pay them off, it is their property).
The devil, as they say, is in the details. So get that lender and agent on board and go with what they say (or fire them and get others if you're not comfortable with the first you find).
And good luck. May you stumble into a great deal:)
--Pete
Quote:I should mention that I live in Canada, so please don't confuse me with advice only applicable to *insert country that is not Canada here*:huh:General advice would be great.I don't know about Canada, but here in the states there are requirements and expenses that vary from state to state, between different counties within the same state, and often between cities (and rural areas) within the same county. So, any information you get from someone not buying in the vicinity that you are looking at is probably no more than a rough guide.
My advice, work with a lender before you even consider where to look. They can give you most of the info you need and they can tell you just how much you have to work with. And as soon as you find an area you are interested in, hook up with an agent that is knowledgeable about the area, the legal and financial requirements for that area, etc. Paying a commission might seem like a bad deal for something you might be able to do by yourself, but if something goes wrong, the costs can make that commission look like chump change.
Now, in this area, it costs about $2000 up front for all the niggle details (inspection, title search, closing fees, etc., etc.). Figure about 6% commission split between the realators (and if yours says he'll work both sides of the deal, tell him to take a long walk on a short pier -- can you say 'conflict of interest'?). You might also haver to pay the remainder of the year's taxes. And, of course, there's the down payment.
On the loan itself, you'll have the principle and interest payment, which you can figure out with a ten buck financial calculator, or look for one on the net (Countrywide has a few, and most of the numbers should work as well for Canada as for the USA -- besides, I've had a number of loans with them, and if they operate in Canada, you might want to at least check them out). In addition, you'll usually have to pay into an escrow account with your lender for the annual taxes and insurance (most lenders will not give you a loan without home-owner's insurance -- after all, till you pay them off, it is their property).
The devil, as they say, is in the details. So get that lender and agent on board and go with what they say (or fire them and get others if you're not comfortable with the first you find).
And good luck. May you stumble into a great deal:)
--Pete
How big was the aquarium in Noah's ark?