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When The Same Loan Amount Equals Different Payments

An episode of the The HartBeat Show Podcast podcast, hosted by Tim Hart, titled "When The Same Loan Amount Equals Different Payments" was published on September 21, 2022 and runs 4 minutes.

September 21, 2022 ·4m · The HartBeat Show Podcast

0:00 / 0:00

Summary

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!   • Apply for a mortgage now https://myvandyk.vandykmortgage.com/dr/c/qojpr • TEXT “APPLY” to 239-437-4278   • Call me or text me 239-910-5668   • Talk to my team were here to help! 239-437-4278  • Check out my website www.TimHartJr.com  Connect with me on Social Media Instagram - https://www.instagram.com/timhart453/?hl=en  Facebook - https://www.facebook.com/TimHartJrLinkedIn -  https://www.linkedin.com/in/timhartjr/

Episode Description

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!  

• Apply for a mortgage now https://myvandyk.vandykmortgage.com/dr/c/qojpr

• TEXT “APPLY” to 239-437-4278  

• Call me or text me 239-910-5668  

• Talk to my team were here to help! 239-437-4278 

• Check out my website www.TimHartJr.com  Connect with me on Social Media Instagram - https://www.instagram.com/timhart453/?hl=en  Facebook - https://www.facebook.com/TimHartJrLinkedIn -  https://www.linkedin.com/in/timhartjr/

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