Davis County Realtors

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Davis County Realtors
105 E. Locust
Bloomfield, IA 52537
Phone: 641.664.2224
Fax: 641.664.3520

Licensed in the state of Iowa

Recent Blog Posts

  • Renewable Energy

    January 3, 2020

    Found a great blog on renewable energy. Did you know 8% of the worlds energy is produced by solar panels and wind turbines? Go this article to learn more. moxiworks.com/blogs/real-estate-technology-trends Read More

  • Closing Costs

    December 10, 2019

    What Are Closing Costs?

    According to Trulia,
    When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”
    For those who buy a $250,000 home, for example, that amount could be between $5,000 and $12,500 in closing fees. Keep in mind, if you’re in the market for a home above this price range, your costs could be significantly greater. As mentioned before,

    Closing costs are typically between 2% and 5% of your purchase price.

     Trulia gives more great advice, saying,
    “There will be lots of paperwork in front of you on closing day, and not enough time to read them all. Work closely with your real estate agent, lender, and attorney, if you have one, to get all the documents you need ahead of time. The most important thing to read is the closing disclosure, which shows your loan terms, final closing costs, and any outstanding fees. You’ll get this form about three days before closing since, once you (the borrower) sign it, there’s a three-day waiting period before you can sign the mortgage loan docs. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask—your real estate agent is a great resource for getting you all the answers you need.”

    Bottom Line

    Reach out to your lender and a local real estate professional to discuss the homebuying process, to be sure your plan includes budgeting for what you need to purchase your dream home – without any surprises!
    Resource: Keeping Current Matters.Com

    Read More

  • Selling and Buying a Home in Winter

    December 3, 2019

    Here is a great article from Dave Ramsey about selling your home in the winter. Curl up with a blanket and cup of warm beverage and enjoy the read! https://www.daveramsey.com/blog/selling-your-home-in-winter Read More

  • Mortgage Rates

    November 7, 2019

    How Interest Rates Work on a Mortgage

    by Joy Toltzis Makon Buying a home with a mortgage is probably the largest financial transaction you will enter into. Typically, a bank or mortgage lender will finance 80% of the price of the home, and you agree to pay it back—with interest—over a specific period. As you are comparing lenders, mortgage rates and options, it’s helpful to understand how interest accrues each month and is paid.

    Mortgage Payment Calculation

    Simply put, every month you pay back a portion of the principal (the amount you’ve borrowed) plus the interest accrued for the month. Your lender will use an amortization formula to create a payment schedule that breaks down each payment into paying off principal and interest. The length, or life, of your loan, also determines how much you’ll pay each month. Fully amortizing payment refers to a periodic loan payment where, if the borrower makes payments according to the loan's amortization schedule, the loan is fully paid off by the end of its set term. If the loan is a fixed-rate loan, each fully amortizing payment is an equal dollar amount. If the loan is an adjustable-rate loan, the fully amortizing payment changes as the interest rate on the loan changes. Stretching out payments over more years (up to 30) will generally result in lower monthly payments. The longer you take to pay off your mortgage, the higher the overall purchase cost for your home will be because you’ll be paying interest for a longer period.

    Conventional Fixed Rate Mortgages

    A conventional loan provides opportunities for financing loan amounts that are within the conforming limits set by Fannie Mae and Freddie Mac. With a fixed-rate mortgage, you have predictability and peace of mind with the same principal and interest payments for the life of the loan because the interest rate never changes.

    Product Rate APR Payment
    10 Year Fixed 3.250% 3.442% $1563.51
    15 Year Fixed 3.375% 3.508% $1134.02
    20 Year Fixed 3.875% 3.983% $959.07
    30 Year Fixed 4.000% 4.078% $763.87
    Read More