PMI (Private Mortgage Insurance)

What is PMI and what does it do?  PMI is extra money that you pay for the lenders benefit. Private Mortgage Insurance protects the lender in case of mortgage default and the home goes into foreclosure.  Lenders require PMI when the loan amount is greater than 80% of the value of the home.  Depending on the percentages
Read more
No Comments

Rent or Buy in today’s market

Despite rising 30-year fixed rates back above the 5% mark, calculations have shown that purchasing a home and selling it remains cheaper than simply renting it, regardless of the time you intend to stay in possession of the property. Rents are rising rapidly nationwide with a 14% average increase comparing to last year.  For some
Read more
No Comments

Payoff Your Loan Early

How to save money on a mortgage even if the interest rate is not at historical lows?  It does not require upfront costs.  Savings can come without actually decreasing your interest rate by simply increasing the frequency of mortgage payments. It is possible to pay your monthly mortgage payments bi-weekly or tri-weekly . This can
Read more
No Comments

ZERO Percent Interest Down Payment Loan for First Time Homebuyers?!

Yes!!  That’s right!  If you are a first-time homebuyer trying to purchase your primary residence, new help is here!  CA’s new Forgivable Equity Builder Loan gives qualified buyers 0% interest loan up to 10% of the purchase price or appraised value (whichever is lower).  This loan is forgivable if you occupy the home as primary
Read more
No Comments

Market Updates – May 2, 2022

As expected, the Fed funds rate was increased by 0.5% on Wednesday, May 4.  Chairman Powell also pointed out the Fed is not actively looking to increase the rate by 0.75% in the coming meetings.  This announcement gave investors some temporary encouragement on the future of the economy and helped boost the stock market on Wednesday. 
Read more
No Comments