How much does a mortgage cost?

We have all seen the mortgage calculators out there but how do we know they are accurate? So may numbers go into that equation who knows if the loan officer is working you over (most are great,  but I have seen bad ones)? There is a "rule of 6" in the industry and it will work as a good benchmark for mortgage payments. The initial cost of the loan can range from 1%-3% of the mortgaged amount, the loan officer will charge this as a fee to get the loan. The initial cost will be worked into the closing costs of your house so you won't notice that as much as the actual payment. The "rule of 6" refers to the fact that a 6% loan will cost $6 per thousand on the loan. For example $100,000 loan (there is 100 - 1000's) would be 100 x 6 = $600 per month. 6% is a little high for today's times but it is good to know that if you are paying more than 6 dollars per thousand there may be a problem.


Ben Strom
(763) 221-9773
Ben@fishMLS.com
www.TheStromTeam.com

Can anyone find a house that isn't trashed?

     There are houses out there that aren't completely trashed forclosures. You need a real estate agent that looks at the market every day. There are a lot of investors fixing homes and you need someone that know where these deals are before they go on the market. You ever wonder why you go to look at a house and it is a great deal but by the time you get there it is already sold? The secret is it was sold before it even went on the market. Investors don't like their houses on the market for a long time so they start selling their houses months before it goes on the market, you need someone that knows where to look. If you would like to find one of these deals or even a trashed foreclosure to work on, contact me at:

                                          Ben Strom
                                          (763) 221-9773
                                          Ben@fishmls.com
                                          http://www.thestromteam.com/