Monday, September 16, 2013

10 Acres Near 12th & Redbud, Goldsby, Oklahoma


10 Acres Near 12th & Redbud, Goldsby, Oklahoma

Last 10 acre tract available for this survey.  C&R's apply and local builder that is familiar with the building restrictions.  So, call for appointment, and I can bring the builder out to meet with you!
Barns and FFA farm animals are okay.  Come on down!

Land for Sale in the Washington/Goldsby, Oklahoma Area

I have a really nice 11.60 acre tract to build a new home on that has "views" and a pond!  No building restrictions on building type or size.  This tract has rural water available as well as DSL, and electric lines at the county road.  Call for details and showings.

Mortgage Insurance

Mortgage Insurance Premium Fee

One of my customers was ready to make an offer on a home.  He was pre-approved with a lender, however... that's all the lender did.  Just a pre-qualification.  Which means the lender pulled his credit score.  The buyer had a credit score above a 620, so... he received a Pre-Qualification Letter.

Ready to sign the offer, I went over an estimated cost sheet with my buyer.  I could see the shock in his eyes when he absorbed the estimated monthly mortgage payment... which included the Mortgage Insurance Premium Fee.  This fee was unfamiliar to him, as the lender did not discuss what fees the prospective buyer would be responsible for. 

My customer was expecting the PITI, (Principal, Interest, Taxes, Insurance for the home), but... was unaware of the Mortgage Insurance fee that is required when a buyer does not put 20% down, when making a purchase.  MI, (mortgage insurance), is an insurance policy, the lender makes a buyer purchase, when buying a home.   It's an insurance policy, (the lender hopes to never have to make a claim on) but, it will pay a percentage to the lender, should the buyer default the loan.

So, PITI could also be the Principal, Interest, Taxes, Insurance and Mortgage Insurance.  My customer did not make an offer on the house.

Click on the link below to figure a Mortgage Insurance Premium
Mortgage Insurance Calculator

Title Company Service Fees

Who Pays for What?

I get this question a lot... who pays this cost?  Well, anything and everything is negotiable in a contract.  The standard Realtors contract fees are divided into "NORMAL AND CUSTOMARY" charges between a buyer and seller.

So, if a seller is paying for both lenders and owner title insurance policy, (which is normally a buyers fee), then... the seller can choose what title company to use.