The right place at the right time for the right reasons. That was my requirement. I may help Michael buy. We will look at places in Franklin and Brentwood. We will go to Century 21.
If and when Michael buys a house, he will want it to be in Williamson County. Good schools are important if and when he has kids. He will want them to grow up and go to school with their own kind in a healthy environment.
A mortgage is a home loan. The VA guaranteeing $36,000 means I can borrow up to $417,000. A realtor can recommend a mortgage company. We deal with a loan officer. Fite Realty found the Kissell Company for me when I bought the house in Lebanon. I borrowed $29,000 over 30 years at 8.5% interest. There is no down payment with a VA loan. The current interest rate is 5.75%.
We submit a loan application when applying for a loan. They want to charge for a credit report and VA appraisal. The Nashville Credit Bureau provides the credit report. Records go back 7 years. Earnest money goes into the deal.
An origination fee to set up the mortgage is not applicable to higher interest. Points are % points on the interest rate.
A housenote runs about 10% of the cost of the house. Call Property Value Assessment (PVA) to ask what a place is assessed at for property tax purposes. Always offer $10,000 less than the asking price.
Home Technology -
Living room - 2 or 3 bedrooms - kitchen - dining room - 1 or 2 baths. Kitchen appliances, washer & drier stay.
Closets - garage - public sewers
Electrical system - copper wiring
Central heat and air
Year built
Source of water - city water
water heater - 50 gallon tank
Average monthly utility bills
$100 monthly Association Fee for condos includes insurance, exterior, roof, grounds and pavement. Closing costs are about $3,000. Ask the seller to pay closing costs.
Property tax: $1000
Jim Colyer Papers
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