Mortgage insurance (also known as mortgage guarantee) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.
For example, suppose Ms Smith decides to purchase a house which costs $150,000. She pays 10% ($15,000) down payment and takes out a $135,000 ($150,000-$15,000) mortgage on the remaining 90%. Lenders will often require mortgage insurance for mortgage loans which exceed 80% (the typical cut-off) of the property's sale price. Because of her limited equity, the lender requires that Ms Smith pay for mortgage insurance that protects the lender against her default. The lender then requires the mortgage insurer to provide insurance coverage at, for example, 25% of the $135,000 ($33,750), leaving the lender with an exposure of $101,250. The mortgage insurer will charge a premium for this coverage, which may be paid by either the borrower or the lender. If the borrower defaults and the property is sold at a loss, the insurer will cover the first $33,750 of losses. Coverages offered by mortgage insurers can vary from 20% to 50% and higher.
To obtain public mortgage insurance from the Federal Housing Administration in the United States, Ms. Smith must pay an upfront mortgage insurance premium (UFMIP) equal to 1.75 percent of the loan amount at closing. This premium is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well. The United States Veterans Administration also offers insurance on mortgages.
CONTACT ME ANYTIME WITH ANY QUESTIONS ABOUT BUYING OR SELLING!... more
Hi John -
The time is now! You shood speak to a qualifed mortgage person and get the lowdown on what you can afford to buy.
The big banks at the moment I have not seen much good activity. Craig LaBruno is my mortgage go to guy.. he is a Mortgage Broker and I find him to be a good guy, no nonsense. he knows his stuff. I only refer people that work within my high standards.
Call Craig to discuss your options. Avoid online mortgage companies. Call someone in the area.
Senior Home Loan Consultant
Mortgage Capital Associates, Inc.
218 Schanck Road
Freehold, NJ 07728
Fax: 732-909-2479... more
Yes you can, here in FL banks are trying to drive the prices up, so they are typically not taking anything less than 5% off the price.
Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: firstname.lastname@example.org... more
Check out Trulia's Crime Maps to learn about local areas: http://www.trulia.com/real_estate/Brooklyn-New_York/
Then take a look at the local listings: http://www.trulia.com/for_rent/Brooklyn,NY/
Hope this helps!
ALi, Community Manager... more
There is a few things that happened in the last few months to much to put on here so we won't be looking to get into a house for a few months hopefully the house will still be on the market then... more
Rent to own situations are rare in this area as most sellers would rather sell outright, therefore do consider working with an agent of your own, he/she can best guide you, approach sellers on your behalf, provide any necessary information, etc. Keep in mind that rent to own can be risky, and one could stand to lose a bit of money, therefore do inform yourself well beforehand, and do consult with an attorney who specializes in real estate. If you haven't done so yet, consider visiting with any licensed loan officer, see if you can simply buy outright.... more
Troy 3500.00 monthly net on a 533K purchase? you need to run away from this one. Even of the net is 5000.00 it would be scary thin and you would need to plan on feeding this property money on a regular basis.... more
The best thing to do is find a good real estate agent familiar with the Bay Ridge area. Make sure you provide the agent with all info on the type of property you seek and your available down payment and a pre-qual letter from a financial institution.
Bonnie Chernin & David Rogoff
Fillmore Real Estate
2926 Avenue J
Brooklyn, NY 11210
David Mobile: 917-593-4068
Bonnie Mobile: 646-318-5031... more
You could probably get out,why wouldnt you just have the builder medigate radon down to 4.0 If there is alot os shale in the ground,this will cause to go wat up as well.So you may run into high #'s in that whole area.Now maybe you'll get with a Realtor.