Need help regarding mortgage and fees

[Skye12329]

So i am planning on purchasing a home not sure when though. Hopefully next year depending on if my partner gets a promotion. I have some questions though.

1. What would an average payement be on like a 150k mortgage?

2. How much are realtor fees?

3. What other fees are there, isnt there a FHA insurance fee? How much is that usually?

4. I will be a first time homebuyer is there a benefit to this? If so what?

Im sure im missing something but please lemme know. So i guess would a total monthly payment be? My score next year should be in the 700's if that helps. 

[ShanetheMortgageMan]

1.  It'd depend on the interest rate.  If the rate is 4.500% on a 30-year term the monthly payment on $150k would be $760.03/mo for principal & interest (P&I).

2.  Realtors usually make commissions anywhere from 2-3% each side (sellers side & buyers side).  This is paid out of the proceeds the seller would get though, as a buyer you do not directly pay for it.

3.  FHA has an upfront mortgage insurance premium equal to 1.75% of the loan amount, so on $150k it'd be $2,625.  It can be paid out of pocket or financed into the loan amount (making the loan amount $152,625).

4.  First time homebuyers who are low income can usually use down payment assistance programs from the city, county or state.  Just Google "[city/county/state] down payment assistance program" and it should bring it up.

In addition to the P&I payment there are also property taxes & homeowners insurance.  The amount for property taxes & homeowners insurance will vary depending on where you are buying.  Most counties have a website where you can look up property taxes if you have a specific address.  Normally it is either the county assessor, county tax collector, or county treasurer website.  For homeowners insurance, you can actually just call up any insurance company, give them a property address and ask for a homeowners insurance quote.  Won't be 100% accurate, but it should give you an idea.

Property taxes & homeowners insurance can be paid directly to the county treasurer & insurance company, or you can include them with your monthly mortgage payment (where 1/12th of the amounts due is added to your mortgage payment and accumulates in an "escrow account" that will be used to pay those items when they become due).  For FHA you are required to have an escrow account. 

For FHA there is also a monthly mortgage insurance premium as well, which you can find details on here (the amount varies depending on the loan term & how much you are putting down).

[Skye12329]

Thanks so much for all of the information! This has helped a lot and i realized payments for a house a bit cheaper than a apartment but houses dont include utilities or maintenance

[ShanetheMortgageMan]

Glad it helped.  Yeah the perks of being a homeowner, you get to cut your own grass.