Choosing to put less down

[fomayof928@mowline]

Closing: On closing day, you’ll bring a certified check for your down payment and other related fees, sign various documents, and purchase your home! New to homeownership? What first-time buyers need to know: Upfront and long-term home purchase costs Down Payment: Most 30-year loans require a 20% down payment to avoid paying PMI (Private Mortgage Insurance). To put that in perspective, if a person were to purchase a $270,000 home in Waco (about the median price), they would need a down payment of $54,000.


Choosing to put less down (e.g. 10%, or $27,000) would tunisia whatsapp require private mortgage insurance, which is a fairly small expense (less than $1,000 per year). Taxes: In Waco, taxes are typically 2% to 4% of the asking price of a home (imagine a home priced between $270,000 and $320,000 with a tax range of $5400 to $6400).


Of course, taxes are based on the city’s assessment, and Waco actively reassesses homes every year to take advantage of rising prices and housing demand while helping to ensure that assessments and property taxes are as fair as possible for homeowners. Insurance: Homeowners insurance (assuming the property has no special features) is typically $60 to $80 per month.