AHRM 2304 Lecture Notes - Lecture 11: Lenders Mortgage Insurance, Damage Deposit, Security Deposit
22 Mar 2017
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Document Summary
Real estate market: buyer"s market, market which has more sellers than buyers, buyers have the advantage over owners in price negotiations, nation"s top 2 buyer"s markets are currently. Meeting housing needs: single family home, single dwelling, many fees may be involved! (ex// hoa, condominium (condo, mobile homes, manufactured homes. When is it the most beneficial to make extra payments on a home mortgage: beginning of loan, interest can be very high, especially on longer loans. Pmi (private mortgage insurance fee imposed on buyer because they don"t put 20% down. Doesn"t benefit buyer, only benefits lender: pmi will eventually stop once you have at least 20% paid off, points and closing cots, mortgage payments, property taxes and insurance, maintenance and operating expenses. Closing costs: expenses paid by borrower to close on the purchase of a home, fees and charges, attorney fees, other costs: inspections, appraisal, credit report, survey of property, filing fees.
