The reason is that what contractors might charge to remove the current flooring, especially in cases of tile and hardwood, can vary wildly. Installation costs can vary just as much, so we would recommend contacting 2-3 contractors and asking how much they charge per square foot for removal and installation of flooring.
Multiply the amount of your loan times the total number of points as a percentage. Using figures from the above steps, the three points bought with a $400,000 mortgage would cost $12,000: $400,000 x 0.03 = $12,000.
Mortgage deposits for the best mortgage deals. The cheapest mortgage deals on the market will typically require you to have a 40% deposit or more, so on a Â£150,000 property this would mean a deposit of Â£60,000. However, saving up a 40% deposit is unrealistic for many people. lender would then lend you 95% of the propertyâs value. So, if you wanted to buy a Â£150,000 property you would need to save up at least Â£7,500 and borrow Â£142,500. But 5% is just the minimum; there are a few different reasons why you would usually be better off with a bigger mortgage deposit.