HGTV

FallinAgain · July 2009

I just watched Property Virgins. Is the monthly payment on $600,000 really only $3000? I need to buy a house.Now I'm watching House Hunters. WTH is a "greenbelt"? Do kids not share bedrooms anymore?

Mrs.Expchic · July 2009

without taxes, yes.

wendyld · July 2009

I don't know about current interest rates, but at 6.5-7%, you'd pay about 500 for every 75k ish, so that would seem too cheap. I'm sure that doesn't include taxes and insurAnce though. Also, that may assume 20% down. Greenbelt=grass. New houses have much smaller bedrooms these days, so sharing isn't as common.

FallinAgain · July 2009

How much do taxes add? It didn't include a down payment b/c Property Virgins always adds the down payment to whatever the bank approves a loan. So one couple was approved for $205K and had $6500 to put down and she said they had $211,500 to spend. That seems wonky to me, but I don't know nothing 'bout buyin' no houses.

wendyld · July 2009

Excel tells me that 4.5% interest would give you a payment of 3040.11 before taxes and insurance on 600k (it would be closer to 4k at 7%, man I need to refinance). For our mortgage, our current taxes/insurance add another 24% onto our base payment. Suckage. I never did the math on how much that added.

CaliopeSpidrman · July 2009

Taxes vary pretty widely by state and by area. Then you also need to calculate in homeowners insurance (assuming you want that rolled into your monthly payment). If you don't put down 20%, you also have to pay PMI.

wendyld · July 2009

Eh, you can skip the PMI if you get certain loan types (VA, etc.) I actually think Oklahoma is probably on the cheaper end of property taxes, so it may add much more in places that have no state income tax and such.

FallinAgain · July 2009

So, closer to $4000 even at super low interest. I think the expert is full of shite.

wendyld · July 2009

I'm guessing they only quote the actual mortgage loan payment, not including HOA fees (sometimes rolled in monthly), PMI, taxes, or homeowners insurance because it looks better.

pdxmouse · July 2009

Usually a greenbelt is commonly owned or has a lien on it so no one can build or landscape there. Usually it's a way of trying to keep some semi-wild area in the neighborhood. And yeah, I'm pretty sure the expert is full of shite. She also likes to convince people to shop above their comfort level by saying it'll only raise their mortgage by a little, again leaving out the increase in taxes and insurance. It pisses me off because so many realtors copy that behavior without thinking about the ethics.

Novemberrocks · July 2009

With rates hovering around 5% for a 30 yr fixed mortgage these days, it makes it much more manageable. Taxes do vary greatly. In northern Jersey, you're likely to spend 12-15k a year on prop taxes, which really ups the monthly house cost.

samfish2bcrab · July 2009

Greenbelt in Ontario is area that developers cannot build on.

Jen&Joe06 · August 2009

We have a greenbelt behind us. It is a protected area that can not be developed. Because of that the houses that back onto it can be sold for more money. I rarely see kid sharing bedrooms anymore. They just are not building them big enough. When they talk about the monthly payment on these type of shows they are only referring to the mortgage. When we were pre-approved for our mortgage on this house they told us the amount we could afford for just the mortgage. We didn't roll in the property taxes or insurance into our bi-weekly payment.

jbloom · August 2009

My childhood neighborhood in CO had a greenbelt, basically a nice paved path surrounded by grass and some trees that meandered through the development. I could walk out of my backyard onto the greenbelt. We played a lot of Capture the Flag, touch football, Jailbreak, and Truth or Dare out there.

CaliopeSpidrman · August 2009

Don't forget that this was a greenbelt in Austin. It's basically where the scorpions live.

ftnups · August 2009

Oh this was in Austin, cali? Here, you have to meet very specific criteria to be able to say you have a "greenbelt" lot. I remember our realtor didn't even use the term on our house description because she was nervous about it (which was unnecessary since our house was on greenbelt by the strictest Austin definition). And homes/lots on greenbelts here do get significantly more than those without.And yes, that is where the creatures hang out and plot my demise.

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