Ok, this is getting kind'a silly. Often a builder will pay points to lower the mortgage or to simply help with the expenses of the mortgage approval, this happened with our first home. Builders ALWAYS pay points to close the deal. If your builder did not you were had.
Anyway here is how our sale went. After negotiating and agreeing to the the price to build the home the salesman asked if we already had an approved loan. I said that we intended to pay cash. Well Mr. Leon you get an extra $5K off of your negotiated price.
If you need further details I suggest you visit DRHorton.com
Typically in the Houston area, which floods on a regular basis, if the damage to the walls is from the floor up, it is rising water and flooded. If the damage is from the ceiling down, it is not rising water and or flooded.
No they do not but many do, both builders that we have used had that offer on the table. We in fact have not heard of a builder that does not offer paying points. Competition among builders is helpful to the buyer. A builder not offering perks like this is like a new car dealer not selling a vehicle below sticker. Special circumstances can apply in both situations that might change that, but not often.
It is all cash to them, more cash or less cash. Builders pay a lot for certain things to help the buyer qualify or to compete with what the builder in the next door model home is offering.
I would say the the vast majority of new home buyers are paying as little down as possible. And a good majority of those people can easily afford the home they buy. An extreme example was my son, he bought our home and financed as much as he could. 3 years later he paid the loan off. We considered having a balloon loan on our current home to get very low interest in the first five years and simply paying if off in 2 years, just to have a little more cush. We chose to not finance at all and tightened the purse strings for a couple of years.
Every one is in a zone determined by FEMA.
Just because I am not likely to be in a flood, it can happen. If your storm drains clog a heavy rain can flood your home. I witnessed this about 10 years ago. While I was "then" in a likely to flood area and did have flood insurance, we had a tornado go through the neighborhood followed by heavy rains for 2~3 hours. Rising water almost entered our garage and did enter homes at the end of the street. The was no high water our side of a few streets in our neighborhood. The drains were stopped up with debris and the rain came down faster than than the clogged drains could handle.
So, that is why I buy flood insurance even though I am not ins a prone to flood area.
NO I did not say that. I was locked in with the $260 that I had already paid, about 3 months later my agent and the flood insurance company tried to make me cancel the policy so that I would have to immediately pay more. They sent me a refund check which I sat on until the policy expired. I then cashed the check and changed agents and flood insurance companies. My new policy went up to about $700, after I provided an elevation survey, otherwise I would have had to pay way more.
I don't know what you would do or what you might be thinking. And this would work with whom ever you chose to use for financing. There are costs involved with obtaining a home loan other than simply paying back the P&I.
I said nothing about taking anyone's financing. The builder wanted to know if I was preapproved. The discount he gave us was for not having to participate, to compete with the builder next door, with buying down percentage points, loan origination fees, appraisals for the loan, extra surveys for the loan, etc.
If you are in a flood zone A - C, your mortgage provider will require flood insurance, if you do not they will get it for you. The difference when we were on the edge of a C zone, from us buy and them providing was over $300 a year.
Huh? None of the costs have anything to do with the builder (or anyone else you may buy a house from). If the builder is buying down the interest to make his house look more attractive, well, just do it yourself. The point is that the builder is getting a wad of cash. He doesn't care if it's coming from you or a bank. Any "discounts" for cash are just come-ons.
So he didn't give you anything (for purchasing with cash). He would have given the same deal to anyone who walked in with financing.
It's the same for fire insurance. We had a mortgage company that was trying their best to force us to buy fire insurance from them (they refused my company's documentation and were automatically billing us). Their automatic charge was 5x the norm. That wasn't the only BS they were pulling, either. Scum.
My point is that you were getting any special deal for cash. You were getting the price that anyone with their own financing would have gotten. Competition is great but gimmicks are just gimmicks.
Yes, there are special circumstances. Sometimes a dealer will kick in his financing kick-back if you take his financing. You can always pay it off a month later but in this case there is a benefit to financing, not cash.
Dealerships not selling below sticker? Where on Earth is that? Buying below _invoice_ isn't at all unheard of.
But those are all gimmicks that can be negotiated around. It's not the cash sale that mattered. Again, if you came in with your own financing, nothing would have changed. He would have given you the same price. Money is money.
I don't think that's true at all. PMI is a *lot* of money and avoided if at all possible. I only put 10% down on this house because I still had my previous house (wife was still living in it) but as soon as that sold. The PMI wasn't a big deal for a short time.
Pike's Peak? Get real. Well, I guess there was Noah...
Can happen, but it's highly dependant on surrounding terrain. Clare's situation is pretty obvious. We just had 6" of rain in a couple of hours (under tornado warnings). No problems. The only storm drains around here take the water off the street and dump it into the woods (streams) behind the houses.
I'm confused. What would a mortgage have to do with it? You were covered contractually.
If you settle for letting the mortgage company buy insurance for you, you get what you deserve. You can simply buy from whom you want and cancel the higher policy, the mortgage company can not do anything about that. They can how ever require you to have the insurance and will insure that you do by increasing your escrow to pay for it. If your insurance company provides proof the mortgage company has to adjust your escrow
Yes you did sir. I tried to provide a bit more info. I would say though if you are in a flood zone and they will not provide insurance, build your place on stilts.
Yes. River homes built on the banks are typically on stilts and I seriously doubt you could buy flood insurance for them either. ;~)
Shhhhhh! Don't mention the possibility of having to add flood insurance to automobiles as an extra. Coverage covers vehicles for flood now but if they get wind of it.......
I would say that hundreds if not thousands of vehicles get flooded every year in Houston.
Markem wrote in news: snipped-for-privacy@4ax.com:
After watching every episode of MacGyver with a houseboat in it, I can say the hazards are:
Crazy (and hot) professor untieing your house and setting it adrift
Fun but wacky best friend moving in (Hi Jack!)
Crazy man with a photography fetish setting lethal bobbytraps
Very cute girl borrows your shower and a hockey jersey. I don't remember if she did it again on her second visit, that was the one where MacGyver fell asleep and dreamed his life was a western.
I think someone set fire to it. That's what did it in. Murdoc?
Never once did his house boat flood!
What we can see here is that house boats obviously don't flood (so flood insurance is pointless) and Puckdropper enjoys MacGyver enough to compile such a list (it's not a complete list, he does have a life!)
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