@Anonymous wrote:
Hey All,
Been saving, saving, saving, and hopefully will be going for a preapproval towards the end of summer to start house shopping. I hope to buy something in Homestead, FL, most likely a townhome. My target price on a home is around 150k. I plan to put 10% down on a 15 year fixed mortgage.
Anyone have first-hand experience of what the closing costs will be in the area? It seems that internet estimators/calculators seem to always spit out numbers that are too low for this area. But i could be wrong. Also what is the average homeowners insurance price for a home of that value? I cant seem to find a solid estimate/quote online. And clearly such a thing will effect how much i can afford monthly on a mortgage.
Also if anyone has advice on a lender in the area, i would appreciate your input. Hope to see some responses. Thanks!!!
^^^Yes, that is one of the issues with the online calculators. I am a Realtor in Palm Beach county so we face your issues with respect to the cost of homeowners insurance too.
First, there is no such thing as "average" cost from a practical point of view for HO insurance in our area of S Florida.
The insurance companies look at many factors to determine the rate: roof age and shape, roof material, construction type (CBS or frame), age of home, how many "corners" you have in the structure, windstorm protection in place and many other factors. You can get a much less expensive policy if the roof is newer than March of 2002 (it makes a huge difference in your premium). Having said that, some HOA's will have the building insurance in their monthly fees, but you have to specifically find out. Your Realtor can help you with this aspect.
Most insurance companies won't even quote you a premium unless and until you supply a Wind Mitigation report that shows the features built in to reduce wind damage (impact windows or hurricane shutters) etc.
In the meantime if you have a community in which you are interested, I can pm you an insurance broker in Broward that is excellent. They can give you an idea of the range of rates.
I can pm you a couple of excellent lenders too.
