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Old 04-14-2008, 09:25 AM
 
3 posts, read 3,653 times
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If I were to buy a house in Charlotte, NC with cash, what can I save in pre-paids and closing costs? I know some of the costs at closing are directly related to mortgages. I plan to have the inspection but don't know how much I might be able to save otherwise. Any advice would be helpful. Thx.

Amanda
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Old 04-14-2008, 11:49 AM
 
Location: Charlotte, NC
195 posts, read 361,284 times
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Interest, and (if applicable) mortgage insurance, Loan origination fees, and other lender fees. You wouldn't "have" to get an appraisal, but I highly recommend you do. You may want to talk with a financial advisor on the benefits of buying a home on the banks money, versus your own.
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Old 04-14-2008, 01:25 PM
 
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Default Cash deal

Thank you. I'll pull out loan papers and get an idea. I'm only looking at props below the tax appraisals anyway so don't know if an appraisal will be necessary but it's something to consider. Charlotte hasn't taken a hit like other areas so I'm optimistic in that respect. I never pay PMI, so that's not an issue but forgot about the interest. Should check with my accountant to see the difference in depreciation and not paying interest. I appreciate the help.
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Old 04-14-2008, 01:48 PM
 
Location: Charlotte, NC
195 posts, read 361,284 times
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Glad I could help.
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Old 04-14-2008, 02:21 PM
 
Location: Lake Wylie, SC
609 posts, read 1,109,723 times
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Quote:
Originally Posted by amoberley View Post
Thank you. I'll pull out loan papers and get an idea. I'm only looking at props below the tax appraisals anyway so don't know if an appraisal will be necessary but it's something to consider. Charlotte hasn't taken a hit like other areas so I'm optimistic in that respect. I never pay PMI, so that's not an issue but forgot about the interest. Should check with my accountant to see the difference in depreciation and not paying interest. I appreciate the help.
In todays market I would not forego the appraisal. It is worth the money spent.
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Old 04-15-2008, 04:46 PM
 
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Consider it done then. Thx much.

akm
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