some payment question for buying house?

Question

hi,

asking this for mine friend again.

1-if he want to take house loan, which one is better /cheaper? the bank (he feel washignton mutual is very customer friendly ) or the mortgage company?

2- what are the fee expense before buying the house? lawyer fee? commissiion?

3-any tax or other expense he need to pay out?
he is planning to buy that house 250k and rent it out for few years.

4- if he decided to sell it after 3-4 years, wat are the fee expense he need to pay? commision? tax etc?


thanks

Answer 1

The fees depend on where you live. Taxes and transfer fees vary.

1. You need to check to see what the rates are for each. They may also have different down payments. Each of them should be able to give you an estimated monthly payment.
2. If you are buying a house that is on the market with a real estate agent/company, you will need closing costs which include, but are not limited to the following:
Transfer fee
Home and Termite inspection
Conveyancing Fees
Home Warranty (optional)
Pre-paid Homeowners insurance
Pre-paid taxes
House appraisal
The commission comes out of the seller's proceeded and a lawyer is optional. You should contact an agent to give you more specific details. You should also have an agent to protect you in the sale.
4. Some of the fees would be: commission, transfer taxes, conveyancing, Use and occupancy permits (if your town has this), etc.

You might want to contact an agent to help you obtain more specific information relating to your area.

Hope this helps.

Answer 2

Your friend needs the advise of a tax consultant, or a lawyer, or both.