When The Same Loan Amount Equals Different Payments

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/