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Own A House. Less than 2% of Americans own a house!. You’ll need a loan. Conventional Loan For most of us 0-20% down payment Usually 30 or 15 years (standard) Jumbo Loan- 40 years! Let’s assume you wish to buy a $200,000 house with 20% down ($40,000). $160,000 to finance.

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own a house

Own A House

Less than 2% of Americans own a house!

you ll need a loan
You’ll need a loan
  • Conventional Loan
    • For most of us
    • 0-20% down payment
    • Usually 30 or 15 years (standard)
    • Jumbo Loan- 40 years!
    • Let’s assume you wish to buy a $200,000 house with 20% down ($40,000)

$160,000 to finance

want more risk type of loan
Want more risk type of loan?
  • ARM
    • Adjustable Rate Mortgage
    • 7/1 Arm, 5/1Arm, 3/1 Arm
    • 2% Cap, Lifetime 6% Cap
    • Once again, assume you’re financing $160,000 loan and doing a 3/1 ARM where rates went up 2% 3 years later.
so why do an arm
So why do an ARM?
  • Get lowest monthly payment up front
  • Plan to move before 3, 5, 7 years
  • You believe rates will go down
  • You expect to make more money
don t forget
Don’t forget
  • Property Taxes!
  • Home Insurance!

Typical Dublin Home: Property Taxes $5,500

That’s $458 a month

Home Insurance: $500 year

That’s $41 a month

yet more costs
Yet more costs!
  • PMI- UGH!
    • When you put < 20% down
    • You buy insurance policy for lender (bank) to pay principal in case you bolt from house without paying
    • (150,000 loan, 5% down, PMI $80 mth)
    • Can get rid of it after you own 20% of house
new house monthly payment
New House Monthly Payment
  • Principal & Interest $980
  • Property Taxes 450
  • House Insurance 40
  • PMI- if less than 20% down 120
  • TOTAL $1,590