People almost always underestimate their closing costs.
On top of that, you’ll find issues that you will need to fix in the first few months.
Make sure you budget more for both closings costs & fixing issues in the first few months. If you end up spending less than you budget 6 months down the road, pay down the principal, or hell, enjoy a nice bottle of the bubbly for yourself.
taxes on the island are one of the cheapest in the area.Mine are $13k a yr while a similar house we were looking at in Amherst was $27K.
yep…its like a little secret the island has lol.
and keep in mind, Ds house is like $750k or some rediculous amount, lol and water front.
Um, go through NACA. Thats what im doing.
No downpayment. No closing costs. No PMI and a fixed 4.6% (currently).
www.naca.com bitches
Hi guys, I need some new shoes. What size should I buy?
Um wear a size 12. That’s what I’m wearing.
Not too big, not too small.
Size 12, bitches.
Sweet, the internets is awesome.
No downpayment in mine. None down at all.
downpayment and taxes
yep. I think my closing costs were something similar to this… You should get a final number to bring to closing a few days before closing.
Sure, but you’re paying $50/mo. extra for 5-10 years for “membership” right?
I’m starting to look into buying my first home and have no clue where to start. I just read all of the fine print on the NACA page and saw that little hidden fee of theirs.
The 4.75% rate is nice though. I can’t find anything less than 5.15% local… (of course, I only started looking yesterday)
So are there any other fees to look out for? I haven’t done any research either, but based on what you’re saying, $3k-$6k for “membership” over the course of 5-10 years sounds like a hell of a trade for no downpayment or closing costs.
PMI could easily cost you $50/mo. So it might still be a good deal.
Wouldn’t you still have to pay PMI along with the NACA $50, making it ~$100+
I do not plan on putting 20% down on my first home so I KNOW I’ll be putting some PMI cash into the mix.
If you’re correct and I have to pay only the $50/mo. membership, rather than the $75+/mo. PMI, it would definitely be a better deal.
I didn’t think of that. Anyone know the answer?
I don’t know the answer as I am not at all familiar with NACA. But Scott says no PMI…browse the link I’m sure its in there.
So here is my breakdown,
113k house, HSBC, 4.75 30year
20 percent down = $22,600
Lawyers, insurance, taxes blah blah blah = 6,500
Took 29k to close. Not too bad. No PMI, 90k principal.
good deal… I wish that I could have found something that I liked for that cheap in rochester.
also, the moral of this thread is that asking what closing costs are is a lot like asking how much a down payment on a car is.
Very similar to mine except I took a 15 year for 4.25%. Getting that certified check for the 20% is a big 
moment to the bank account 
Really, 3-6k so you can finance more money, and they can then collect more interest on that extra principal is a good deal? Shit sign me up for that!!!
Think about this, that money you didn’t put down on the mortgage, is gonna cost you 104 bucks a month (20k 4.75 30yr).
So not putting down 20k will cost you 5k in membership fees, plus another 16k to borrow that additonal 20k (36k total payoff on that 20k) So for 21k (5k membership plus 16k for interest) you don’t have to put a down payment.
And I was the kid that got low grades in math, I bet half you guys got A’s and think that a no down payment loan is the best ever.
Joe, I know you play the numbers… did you ever see if the $20,000 sitting in an ultra safe investment will pay out more monthly than what your PMI would have been?