All Forum Posts by: Shawn Mcenteer

what does the rule of 50 mean?

I am looking to purchase a property for $190k w/ 5% down fixed rate. Taxes are $6,800 per yer. It comes out to be about 1700 per month = $20400 per year. Take the taxes out it comes out to be $13,600 per yr. The mortgage is 30yrs but when i do the math it comes out to be $408K im paying over 30 years. Is this correct? Should a mortgage really be more than double the cost of the home over 30years?

how do you suggest i go about this without putting down more than 5%?

I found out today the monthly cost of a house I am looking to buy. The montly cost is roughly 1700, 180 of which is mortgage insurance. I am only putting 5% down on the house. I was told the reason i must pay the mortgage insurance is because i am putting less than 20% down. Is there any way of getting around having to pay for mortgage insurance?

Thank You :)

I am hoping to become a landlord in the next few months and wanted to see some examples of lease forms I will need my tenants to sign. Also what is the best way to do a background/ credit check on a tenant?

TY looks good :)

Can you get your FL RE license online? I found a few websites that claim to offer it but I am not sure if they are just offering prep for the FL test or can you truly get your license online? If so are you able to get the license in NJ before moving to FL?

thanks guys, i appreciate the responses. What about if i stay in NJ and purchases and investment property in FL but stayed in NJ and had a rental company watch over it? ex: I keep same job, stay in NJ, will FL bank provide a mortgage for me if i am using the house as a rental property?

If i were to move to Florida from NJ and purchase a house would a bank be willing to provide a mortgage for me even though i would be starting a new career and my previous employment would have not barring on my new career? In nj the banks want to make sure you have had a steady job for a few years and sufficient income before they can provide you with mortgage.