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Emphasize Your Decor Style in Seven Easy Ways
After searching decorating books, using trial and error decorating, and growing up a little bit, you have finally found the style of decorating that you really love. Your style could be Arts & Crafts, French Country, Asian, or Metro Hip. If you are...
How To Make Your Tract Home Stand Out In The Crowd: Home Staging
Home sellers who wish to market their property in development neighborhoods face tough challenges. All the houses look similar. All the houses sell for amounts in the same price range. The market -- whether it’s a hot sellers’ market or a cool...
New Decor for a New year
January is a time for setting goals and making plans for the
year ahead. The typical resolutions of losing weight or saving
money could be made a little easier when you feel proud of where
you live. You deserve a beautiful home. There are four...
Real Estate Magnetize Offshore Outsourcing
Outsourcing is the buzz word in today’s time. Companies are coming a big way in outsourcing but the point to be noted here is to choose the right place for that. There are few factors which influence the decisions of the companies. Firstly they look...
Use Aromatherapy to Promote Joy in Your Home
Aromatherapy has been around for at least 4,000 years, and is known to have been used by the ancient Egyptians for massage, healing, and embalming. But its uses for making our homes enjoyable places to live are just as applicable today as they...
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Home Equity – Let The Market Eliminate Your Private Mortgage Insurance
In decades past, most people who were interested in obtaining a home loan were required to put down at least 20% of the purchase price. Those days are gone, and as home prices have risen faster than incomes, the average down payment required by lenders has dropped. In fact, it is often possible to buy a home with no down payment at all. Nationally, the average down payment is a 3%. It’s nice to be able to buy a home with such a small amount of ready cash, but there is a downside – if the down payment is less than 20%, the lender requires that private mortgage insurance (PMI) be added to the house note.
No one likes to pay PMI; the payment doesn’t go towards paying off the house and the payments aren’t tax deductible. And the PMI payments aren’t trivial; the monthly PMI payment on a home priced at the U.S. median price of $206,000 with a 3% down payment is $129. Lenders require that borrowers pay PMI until the borrowed amount becomes less than 80% of the value of the home. In years past, this has meant that homeowners had to pay PMI until they had paid enough of the loan balance to reduce the debt to less than 80%. Times have changed, however, and many homeowners may be eligible for a faster way to avoid the monthly PMI payments.
The exploding real estate market has driven home prices higher than ever. Not only are the prices high, but the rate at which they are increasing is astonishing. In some parts of the country, home prices have doubled or even tripled in the last five years alone. The
savvy homeowner should keep an eye on the price of housing in their local market, as the equity in his or her home may rise above 20% through market appreciation alone. In most markets, this is often happening quickly enough that homeowners may be able to eliminate PMI less than two years after purchase, even if they put a minimum amount of money down on the home.
A home appraisal is required to establish the equity to debt ratio of the loan, and this typically costs several hundred dollars. As that figure represents only a few months’ PMI payments, most everyone would be glad to pay for an appraisal. Before doing so, contact your lender, as some lenders require PMI for a specific length of time before it can be dropped. No one likes to pay for private mortgage insurance, and thanks to an unusually aggressive real estate market, few homebuyers today should have to pay it for very long.
About the Author: ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a Website devoted to debt consolidation information and http://www.HomeEquityHelp.net, a site devoted to information on home equity loans.
Source: www.isnare.com
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