Does Joe have enough left over to live comfortably if he buys the house? Should he go with the 15 or the 30-year mortgage? I did make a list but I don’t feel comfortable sharing it on here. I do have many more expenses including doctor bills, cell phone payment, and children. My situation and Joe’s are completely different. We have six children that also add a lot more expense, so if I were in Joe’s situation with the money he makes I would not feel comfortable buying the house. Since it sounds like Joe is a bachelor, I think that if he bought the house he should do the 30 year mortgage and then try to pay a payment and a half a month.
This way if an emergency arises he would have some extra money plus the money in his savings. Buying a house is very scary. You become responsible for everything. In one year my water heater and my oven died. I was not prepared for that extra expense. The other thing that needs to be considered is all the upkeep and maintenance cost involved with owning your own home. 8. Complete the Good Faith Estimate to see if Joe has enough money in savings for the down payment and closing costs Yes Joe has enough in savings. Description of FeeAmount of FeeExtended Amount Down Payment5% of purchase price$3750 Loan Origination FeeNo fee at this bank0
PointsNo points on this loan0 Appraisal Fee$400$400 Credit Report$50$50 Insurance—First Year Premium$250$250 Mortgage insurance$45 (one month)$45 Escrow Account Insurance reserveInsurance for two months ($250 / 12) * 2$41. 67 Escrow Account Tax reserveProperty Taxes for two months($375 / 12) * 2$62. 50 Attorney feesBuyer’s choice. None here. 0 Title Insurance$700$700 Processing/Underwriting$100$100 Document Preparation and Recording Fees$250$250 Survey$125$125 Tax Service$50$50 Flood Certification$20$20 Title Co. Fee$150$150 Pre-paid InterestDepends on closing date: Estimate $150. 00$150 Total Due at Closing:$6144. 17
Report of Findings According to the calculations that were undertaken, Bill and Ryan you would only run the project of the City of Wascana Par-Three golf courses for the 2-year period, if you are guaranteed of making a profit of at least $30, 000 each per year. This would can be assured if the cost of paying the license fee for the first year is $149, 615 and for the second year $188, 071. In ...