Mortgage insurance (MI) pays the lender if you default on your mortgage. Also called private mortgage insurance (PMI), it is generally required by the lender if your down payment is less than 20% for conventional financing. You the borrower pay the premiums, which are typically included in your monthly mortgage payment unless you finance them…
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1. What is the assessed value of the property? Note that assessed value is generally less than market value. You will receive a “Tax Certification” based on the list price of the property. 2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property…
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On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference: Closing Disclosure settlement statement Itemizes all the costs — commissions, loan fees, points, and hazard insurance – associated with the closing.…
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Do keep original and updated pay stubs, bank statements, investment account statements, W-2 forms, and other important financial documentation. Current supporting documentation may be required and updated prior to the closing of your mortgage loan. Do provide all documentation from the sale of your home when proceeds will be used for down payment on your new…
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Pre-Qualification vs. Pre-Approval Identify your property price range, and strengthen your bargaining power by understanding the difference between these two buyer tools. “How do I know what price range to look in,” and “how do I make sure my offer is accepted?” These are two of the most commonly asked questions from first-time and experienced…
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2016 3rd Quarter sales compared to 2015 3rd Quarter sales are still showing a positive trend as our median sales price rose by more than 10% and number of homes sold increased from 221 to 224. Our inventory is down to 8 month’s supply – we are in a healthy market with steady activity. …
DetailsWhat does PITI consist of? PITI is the acronym for your monthly mortgage payment. It’s pronounced like the word “pity” and the letters stand for the four parts of that monthly payment, which are: P stands for Principal That’s the part of the monthly payment used to pay down the balance of the loan. Your…
DetailsTop 5 Tips for Home Buyers Talk to a representative at a mortgage company and assess your finances. A loan officer will help you determine what you can afford and what additional expenses (closing costs, inspections, etc.) to anticipate. They will also discuss the types of loans that are available and which would be…
DetailsWhen you buy a new home you’ll more than likely have a mortgage payment. There are a few other expenses related with home ownership that you should include in your budget. Here’s what to make room for in your homeowner’s budget. Monthly Expenses • Principal and interest payment on your mortgage • Real estate taxes…
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