Key to Avoiding Foreclosure is Taking Informative Action!

Foreclosure ~ Avoiding it Through a Short Sale or Loan Modification

Foreclosure is not a fun word yet it is reality that many across the US are facing in these tough economic times.

There are many ways that home owners find themselves in this predicament including job loss, reduction in income, mounting credit card debt, an increase in mortgage payments, a terrible illness, or divorce. There are probably others that I have missed as well.

A home foreclosing doesn't just effect the homeowner directly. It effects you and I and everyone else that lives near the home.

Foreclosures drive down property values! When you are faced with selling your home and you have to compete with the foreclosure down the street that's been marked down in price because the bank has no desire to hold it, you will quickly realize you are part of the epidemic.

There are many home owners that don't know there are other options besides letting their home end up in foreclosure. Some are even too embarrassed to investigate their options.

This is a shame and I would like to help explain some of the things you can do including a short sale or a loan modification.

The short sale and loan modification options would solve the same goal of avoiding a foreclosure but with each providing a different outcome.

The short sale is for those that absolutely need to move and get out from under their debt completely. A loan modification is for those that would really like to remain in their homes but can not do so without assistance.

It is important to remember that banks are not in the business of owning Real Estate in their portfolios and would much rather assist a homeowner than to take ownership of their home.

 

Here is a break down of how both assistance programs work.

Short sales                                                                                                                                    

 

A short sale is a legal lender approved solution designed to assist those home owners who are financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the mortgage holder of an owners home where by the mortgage holder agrees to take less than what home owner owes on the property.

An example of a short sale would be if a home owner owes $500,000 on their current mortgage and their home is only worth $450,000. The lender in this example would agree to take a short fall of $50,000 at closing. In many cases the mortgage holder may completely wipe out the debt and the home owner does not have to repay the 50k.

The home owner benefits in this situation because they get out of a sticky financial mess without going to foreclosure which can seriously damage your credit.

You may be thinking why would a mortgage holder want to allow a short sale? There are a number of reasons, most notably the cost involved for the lender going through a foreclosure proceeding. The mortgage holder when all is said and done can easily spend $40,000-$50,000 going through a foreclosure. This avenue can save the lender money they would otherwise lose. The average loss by a bank is about double when a foreclosure is done instead of a short sale.

Most lenders will work with a short sale option to avoid a costly foreclosure.

As a Realtor representing a seller in a short sale scenario there some issues you need to be aware of. See Ethics in a short sale for an explanation.

When selling your home and you know you are going to be faced with a short sale make sure you choose to work with a good Realtor who has some working knowledge of short sale procedures! A good Real Estate lawyer in your corner who has worked with short sales would also be an important consideration. There are also short sale negotiating companies that work directly with the banks as well. There is a lot that goes into the process of completing a short sale. Having professionals to work with is vital when you are going through a short sale.

If you would like to investigate the short sale process and live in the Metrowest Massachusetts area, I would welcome the opportunity to speak with you. I am well versed in the procedures and have been successfully completing short sale closings.

Loan Modification

 

Over the last year working as a Metrowest Massachusetts Realtor, unfortunately I have heard a number of stories about people who have lost their homes that did not realize they had any other options.

What you need to understand is that just because you missed a few mortgage payments does not mean that a bank is not going to want to work with you! There are times in people lives where they can come under financial stress, as mentioned previously.

Banks understand that sometimes a persons problems are not permanent and can turn around quickly. You have all the incentive to try to avoid the foreclosure process at all costs.

With a foreclosure on your record you will not be able to buy a property with conventional loan financing for five years. So if you or someone you know is potentially facing a foreclosure because of falling behind in mortgage payments don't just sit back and let it happen. Reach out to your lender and explain your situation right away and ask for their help.

The 1st thing a lender or bank will want to know is exactly where you stand financially at the moment and what you can afford. Let the mortgage company or bank know your exact situation. Speak to them about your desire to remain in the home and how you can work out a payment plan that will be mutually beneficial.

The bank is going to want to know what has caused you to become financially strapped. You can plan on being asked to put this in writing. This is known as a "hardship letter". In the letter you will be asked to explain the circumstances behind your missed payments and an understanding of why you believe you will be able to continue to make payments under the modified terms.

You will be asked to provide documentation to prove your case. Documents that the bank will ask for most likely will include pay stubs, bank and brokerage accounts, W-2's, income tax returns, and a list of your current expenses including things like insurance, utilities, taxes, food and other typical expenses.

The bank has the option to try to keep you in the home in a number of ways including an extension of the length of the mortgage, the interest rate, or a reduction in principal. It potentially could be some combination of all three. Remember the goal is to keep you in the home and the bank is working with you!

One other option that can help those home owners who are under water where the value of their home is less than the mortgage balance is the new bill put into law in October known as the Home Owner Recovery Act of 2008.(read a complete explanation here) This new bill will allow a qualified home owner with the lenders approval, to refinance their home at 90% of the homes newly appraised value. There is one caveat, however, to this new program. The home owner will be required to share in the future appreciation of the property with the government.

Above all else remember there is help available!

______________________________________________________________________________________________________

The above information on Foreclosure ~ Avoiding it Through a Short Sale or Loan Modification was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

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Retiree Pay Raise

Sunday October 19, 2008

The Dec. 1 cost-of-living adjustment for military and federal civilian retirees, disabled veterans and survivors will be 5.8 percent, with the increase first appearing in Jan. 1 checks.

The COLA is the biggest increase in military retirement pay since 1982, and is significantly larger than the 3.9 percent pay raise Congress recently approved for active duty and reserve componant members. That's because the two annual increases are based on separate factors. Retired pay automatically increases each year to keep pace with inflation, measured by the change in the cost of goods and services. Increases in military are designed to match private-sector wage growth.

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Put Your Car Key Remote Beside Your Bed At Night

Tell your spouse, your children, your neighbors, your parents your Dr office, the checkout girl at the market, everyone you meet.

Put your car keys beside your bed at night. If you hear a noise outside your home or someone trying to get in your house, just press the panic button for your car. The alarm will be set off, and the horn will continue to sound until either you turn it off or the car battery dies.

This tip came from a neighborhood watch coordinator. Next time you come home for the night and you start to put your keys away, think of this:

It's a security alarm system that you probably already have and requires no installation. Test it. It will go off from most everywhere inside your house and will keep honking until your battery runs down or until you reset it with the button on the key fob chain. It works if you park in your driveway or garage If your car alarm goes off when someone is trying to break in your house, odds are the burglar/rapist won't stick around...

After a few seconds all the neighbors will be looking out their windows to see who is out there and sure enough the criminal won't want t hat. And remember to carry your keys while walking to your car in a parking lot. The alarm can work the same way there . ... This is something that should really be shared with everyone.  Maybe it could save a life or a sexual abuse crime.

P.S. I am sending this to everyone I know because I think it is fantastic, Would also be useful for any emergency, such as a heart attack, where you can't reach a phone. A lady has suggested to her husband that he carry his car keys with him in case he falls outside and she doesn't hear him.  He can activate the car alarm and then she'll know there's a problem

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STATEMENT BY THE PRESIDENT ON THE ECONOMY

STATEMENT BY THE PRESIDENT ON THE ECONOMY

This morning the President addressed the turmoil in the markets and the rest of our economy, outlining both the problems we face and the steps we are taking. A transcript of his remarks follows.

Jeremy J. Broggi
Associate Director
Intergovernmental Affairs
The White House

THE WHITE HOUSE
Office of the Press Secretary
_________________________________________________________________

For Immediate Release October 10, 2008 10:25 A.M. EDT

THE PRESIDENT: Good morning. Over the past few days, we have witnessed a startling drop in the stock market -- much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.

Here's what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We're using these tools aggressively.

The fundamental problem is this: As the housing market has declined, banks holding assets related to home mortgages have suffered serious losses. As a result of these losses, many banks lack the capital or the confidence in each other to make new loans. In turn, our system of credit has frozen, which is keeping American businesses from financing their daily transactions -- and creating uncertainty throughout our economy.

This uncertainty has led to anxiety among our people. And that is understandable -- that anxiety can feed anxiety, and that can make it hard to see all that is being done to solve the problem. The federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy. Fellow citizens: We can solve this crisis -- and we will.

Here are the problems we face and the steps we are taking:

First, key markets are not functioning because there's a lack of liquidity -- the grease necessary to keep the gears of our financial system turning. So the Federal Reserve has injected hundreds of billions of dollars into the system. The Fed has joined with central banks around the world to coordinate a cut in interest rates. This rate cut will allow banks to borrow money more affordably -- and it should help free up additional credit necessary to create jobs, and finance college educations, and help American families meet their daily needs. The Fed has also announced a new program to provide support for the commercial paper market, which is freezing up. As the new program kicks in over the next week or so, it will help revive a key source of short-term financing for American businesses and financial institutions.

Second, some Americans are concerned about whether their money is safe. So the Federal Deposit Insurance Corporation and the National Credit Union Administration have significantly expanded the amount of money insured in savings accounts, and checking accounts, and certificates of deposit. That means that if you have up to $250,000 in one of these insured accounts, every penny of that money is safe. The Treasury Department has also acted to restore confidence in a key element of America's financial system by offering government insurance for money market mutual funds.

Thirdly, we are concerned that some investors could take advantage of the crisis to illegally manipulate the stock market. So the Securities and Exchange Commission has launched rigorous enforcement actions to detect fraud and manipulation in the market. The SEC is focused on preventing abusive practices, such as putting out false information to drive down particular stocks for personal gain. Anyone caught engaging in illegal financial activities will be prosecuted.

Fourth, the decline in the housing market has left many Americans struggling to meet their mortgages and are concerned about losing their homes. My administration has launched two initiatives to help responsible borrowers keep their homes. One is called HOPE NOW, and it brings together homeowners and lenders and mortgage servicers, and others to find ways to prevent foreclosure. The other initiative is aimed at making it easier for responsible homeowners to refinance into affordable mortgages insured by the Federal Housing Administration. So far, these programs have helped more than 2 million Americans stay in their home. And the point is this: If you are struggling to meet your mortgage, there are ways that you can get help.

With these actions to help to prevent foreclosures, we're addressing a key problem in the housing market: The supply of homes now exceeds demand. And as a result, home values have declined. Once supply and demand balance out, our housing market will be able to recover -- and that will help our broader economy begin to grow.

Fifth, we've seen that problems in the financial system are not isolated to the United States. They're also affecting other nations around the globe. So we're working closely with partners around the world to ensure that our actions are coordinated and effective. Tomorrow, I'll meet with the finance ministers from our partners in the G7 and the heads of the International Monetary Fund and World Bank. Secretary Paulson will also meet with finance ministers from the world's 20 leading economies. Through these efforts, the world is sending an unmistakable signal: We're in this together, and we'll come through this together.

And finally, American businesses and consumers are struggling to obtain credit, because banks do not have sufficient capital to make loans. So my administration worked with Congress to quickly pass a $700 billion financial rescue package. This new law authorizes the Treasury Department to use a variety of measures to help bank [sic] rebuild capital -- including buying or insuring troubled assets and purchasing equity of financial institutions. The Department will implement measures that have maximum impact as quickly as possible. Seven hundred billion dollars is a significant amount of money. And as we act, we will do it in a way that is effective.

The plan we are executing is aggressive. It is the right plan. It will take time to have its full impact. It is flexible enough to adapt as the situation changes. And it is big enough to work.

The federal government will continue to take the actions necessary to restore stability to our financial markets and growth to our economy. We have an outstanding economic team carrying out this effort, led by Secretary of the Treasury Hank Paulson, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox, and FDIC Chair Sheila Bair. I thank them and their dedicated teams for their service during this important moment in our country's history.

This is an anxious time, but the American people can be confident in our economic future. We know what the problems are, we have the tools we need to fix them, and we're working swiftly to do so. Our economy is innovative, industrious and resilient because the American people who make up our economy are innovative, industrious and resilient. We all share a determination to solve this problem -- and that is exactly what we're going to do. May God bless you.

END 10:33 A.M.

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Tax Credit to Aid First-Time Homebuyers

Sept. 16, 2008 WASHINGTON — First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. Available for a limited time only, the credit: Applies to home purchases after April 8, 2008, and before July 1, 2009. Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe. However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return. Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site. If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit. Q. Which home purchases qualify for the first-time homebuyer credit? A. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home. Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return. Q. How much is the credit? A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more. Whatever the size of the credit a taxpayer receives, the credit must be repaid over a 15-year period. Q. Are there income limits? A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less. Q. Who cannot take the credit? A. If any of the following describe you, you cannot take the credit, even if you buy a main home: Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above. You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild. You stop using your home as your main home. You sell your home before the end of the year. You are a nonresident alien. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.  Your home financing comes from tax-exempt mortgage revenue bonds. You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008. Q. How and when is the credit repaid? A. The first-time homebuyer credit is similar to a 15-year interest-free loan.  Normally, it is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. The repayment amount is included as an additional tax on the taxpayer's income tax return for that year.  For example, if you properly claim a $7,500 first-time homebuyer credit on your 2008 return, you will begin paying it back on your 2010 tax return. Normally, $500 will be due each year from 2010 to 2024. You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld. However, some exceptions apply to the repayment rule. They include: If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount. If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions.  Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion. If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale. If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.

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8 Steps to Help Preserve Your Neighborhood From Foreclosed Homes

Are there foreclosures in your neighborhood? Sacramento, CA has certainly had its fair share of real estate foreclosures. Some neighborhoods worse off than others. The steps to be a pro-active neighbor are not just for Sacramento neighborhoods but can be applied all over the country.

Have homeowners moved out on your street? Are there vacant homes on your street? Have renters moved out and no one has moved in?

Have you seen the remnants of a Foreclosure in your neighborhood? Are you sick of seeing burned-up grass in neighborhoods?

I recently saw what could be a solution to help sell a house where the banks have decided to turn off the water and no one is taking care of the lawn.

 

Here are some solutions neighbors can do to help preserve their own neighborhoods:

1. Form a Neighborhood Watch through your local Police Department
2. Become familiar with your neighbors and know who is living in the houses on your street
3. Be aware when neighbors move out (many times a house stays vacant for months before a bank is aware that the owner has even moved out.
4. When a house is vacant, check for trash and put it out for pick-up. Remember, no one is there to do it and trash brings rats into your neighborhood
5. Park one of your cars in the driveway and rotate them to keep pilfers at bay
6. Pull weeds and mow the lawn...take turns in your neighborhood and keep up your street
7. Report broken windows etc to your County officials
8. Report any suspicious cars or people on the property

It's time that neighbors took back their neighborhood and become pro-active. Don't try to use the water or figure out a way to turn on what has been shut off at a vacant house. As this may cause major flooding inside a winterized house.  If water is needed, use your own water.

A proactive approach is always less stressful and will lend itself to being a "good neighbor," while helping yourself in the process.

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Home Buyers - DIY Home Inspection - You May Not Need a Hired Inspection

By doing your own Home Inspection you will know your new home better. You will better understand the working components of the home, by testing the appliances, following the instructions on running and testing the Furnace and Air Conditioner, Water Heater, etc. these instructions are included in Good DIY Inspection Reports.

When purchasing a DIY Home Inspection Checklist, make sure it is more than a simple fill in the blank checklist (without "how to" instruction.) Most reports on the market do not have instruction to guide you through a home inspection. A DIY Inspection Report should give you detailed instruction on how to perform an inspection on any of the many components one will find in a home.

You will find most hired Home Inspectors have many disclaimers built into their pre-inspection agreement and their report. If an issue is found with their inspection, they will want you to get a professional to look at it for their opinion, to eliminate the inspector's liability. If you were performing your own home inspection, and you found something it is suggested to talk to your Realtor and/or the homeowner. If their answers do not set quite right with you, you could call a professional to look at the problem, just as the hired inspector would do. Or elect not to make an offer on the house.

Things to remember when doing your own inspection:

•It is a visual inspection only. If there is a need to see behind something, the homeowner should be asked to make the area accessible for further inspection. Respect for the home owner's property (home and contents), should be top priority.

•After testing the furnace and/or air conditioning reset the thermostat to where it was.

•Electrical breakers should not be tripped. With the electronics and computers being used, tripped breakers may cause major problems.

•When testing GFCI receptacles make sure they are all reset after testing. Freezers in garages are commonly using a GFCI receptacle.

•Leave the home exactly as you found it.

The BAIR (Building Analysis Inspection Report) System has been designed by a home inspector who has completed 7000 home inspections. It is designed to be thorough yet an easy guide to follow. It includes a checklist for each section as well as a summary page for your evaluation of your home. Review and Download at: http://www.bairsystem.com Article Source: http://EzineArticles.com/?expert=Gary_Fuller

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Veterans Real Estate Goes Nationwide!

#1 Real Estate Portal for Veterans Online!

If you are Active Duty, honorably discharged or Retired from the U.S. Armed Forces, we have built an exclusive website just for You and Your Family.

If you are looking to buy or sell real estate and need a real estate professional, who in most cases is a Veteran him or her self, perhaps is even a retiree as well, and someone who understands your sacrafices, your hardships, and your lifestyle, then you have come to the right place!

Introducing www.VeteransRealEstate-Online.com --- the leading portal online which will give you access to properties throughout the country, as well as overseas.



RE AGENTS, LOAN OFFICERS & HOME INSPECTORS:
If you are a licensed real estate professional, a real estate agent, loan officer, or home inspector, and have experience working with US Military personnel and their families to buy or sell a home, then we encourage you to affiliate with this website so we can refer Miltary clients to you!

CLICK HERE TO REGISTER
 

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Exclusively for....U. S. Military Veteransand their Families

The American Dream is just as real today as it has been in the past!

Matter of fact, interest rates continue to bob up and down like a yo-yo but we've seen it drop from the mid 6's down to 5.25% last week. But if you going to buy, you need to tell your lender to keep an eye on the rate and to call when it surges one way or the other.

If you are interested in Buying a Property and would like BUYERS AGENT representation and FREE services, please go to www.PreviewPropertiesInc.com and click on the Home Search icon. This will enable you to conduct a home search throughtout the state and alternately if you wish to home search Nationwide, we can help you with that as well. All you need to do is complete the short form provided and I will set out to assist you any way we can.

If you are a homeowner and wish to Sell Your Home, go to our National website at www.VeteransMLS.com where you may list your home for sale or for rent FREE of charge.

If you wish to use our popular services to sell your home, pay a visit to our website at www.Homesale-Guarantee.com ---

For most part of the country, we have a Buyers Market --- but get the facts please. Listening to the nightly FOX or CNN news will deceive you. There breaking news stories about the market may not apply to your area. Use national news as an indicator, but always check with local professionals before making any decisions that will cost you or save you money!

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PRO-528 Multi-Channel Handheld Scanner is a Great Unit - $86 on EBay.

Product Review

 

PRO-528 is a Great Unit - Bought new for $86 on EBay (reg. $149.00).

By Beryl from Everett WA on 9/13/2008

Pros:

Attractive Design, Great reception, Great coverage, Functional, Good sound quality, Lightweight

Cons:

Difficult To Install, Find manual necessary, Not user friendly

Best Uses:

Entertainment

Car & Truck:

Casual Driver

Bottom Line:

Yes, I would recommend this to a friend

I find myself needing the manual to make simple changes. That is because installing frequencies, for example, the steps to take, are not so obvious.

To bad these units don't have a help button that has audio which says PGM 1 for setting frequency range in a bank, press PGM 2 for selecting a specific frequency, etc. --- in other words the help screen gives you programming options in audio and allows you to make a step, then guides you through to the next step until you re finished. Audio help technology is easy to provide these days ---- if not on the unit itself, perhaps on a online help screen (for example: www.radioshack.com/pro528-help.php)...... get the idea....?

BERYL GOSNEY
Senior Systems Analyst

 

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Two New Websites for U.S. Military Veterans and Real Estate Professionals

Please pass the word about (2) new websites designed exclusively for Real Estate Agents, Loan Officers, and Home inspectors and U.S. Military Veterans and their families:

 

1.  http://www.veteransmls.com

- this site is absolutely FREE to both U.S. Military Veterans and their families, as well as being FREE for use by Real Estate agents who work with veterans to buy and sell real estate.  The site has been online only a few weeks and is populating by word of mouth, so it will take a few months to get the word out.  The good news is, it has been attracting veterans worldwide slready, and from the reports we have, a couple dozen homes have sold due, to the exposure here on this site. 

RE Professionals can list up to 100 homes a year FREE on www.VeteransMLS.com - The site also provides FREE advertising to Veterans who are selling their own homes as a FSBO as well.  

 

2.  http://www.veteransrealestate-online.com

- this site is currently under construction and has an entirely new professional appearance than what you see there now.  We expect to launch this site in late September or early October 2008 --- we are finishing up the various functions of the site now.  It will be awesome -- just like the price. 

(http://www.veteransrealestate-online.com/comparisons.php)

 

- for the first 1,000 real estate professionals who join us, we have a special introductory offer for as little as $5 per year (reg $29 yr), whereas real estate professionals can be members of this exclusive veterans web site, which unites Veterans (on active duty, honorably discharged, or retired) and their families with Real Estate Professionals (Agents, loan officers, and home inspectors). 

For $5 per year, RE Professionals can be listed in our directory for up to 2 cities for the $5 price.  If you want to be listed in up to 10 cities, the total cost is only $9.  You will have a complete profile page that will surpass anything you have seen on Internet and it is provided FREE.  Veterans will be able to contact you directly to represent them and to home search.  The functions and the features on the site are more than you'd ever expect.   

 

Please pass the word --- help us help our Veterans! 

 

www.VeteransMLS.com (totally FREE)

www.VeteransRealEstate-Online.com (only $5 yr)

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Students not covered by many home insurance policies

Students living away from home are likely not to be covered by their family's home insurance policies, new research has revealed.

UCAS has revealed that a study by Sainsbury's home insurance showed 25% of home insurance policies do not cover students while they are away from home, leaving thousands of university students with unprotected possessions.

Sainsbury's home insurance manager, Neil Laird, advised families to check their insurance policy carefully: "Before splashing out on insurance, students should check their parents' household contents insurance policy to see if it provides cover whilst they're studying away from the family home."

He added that insurance is essential for students as they are prime targets for theft. With their flats or houses left unoccupied for long periods of time during the day, they are more likely to be victims of crime. "The average student will have possessions that would cost thousands of pounds to replace if they were burgled," he remarked.

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Should I sell or should I rent?

With large inventories of homes for sale, buyers seemingly have the upper hand.  Though there has been some good news lately in many markets throughout the country, such as rise in existing home sales, it has been balanced by record declines in median sales values, some areas ore than others.

This mixed news can make it tough for homeowners when they have to make a choice between selling a home and renting it out. There are quite a few questions you can ask yourself when making this choice.

The most basic question is: Will my income exceed my expenses?

This question can be much more complicated than it first appears, due to the following questions it raises in turn:

• Do you have time and are you able and willing to manage a rental property, or should you hire a rental management company?
• Are you aware of the tax implications that renting your home can have for you?
• Can you ensure your rental property will have 100% occupancy?
• What are expected repair and maintenance costs? Most experts believe you should set aside anywhere from 20 to 30 percent of the rent in reserve for such items.

If you have done the research and uncovered all the pitfalls, there are many advantages to being a landlord. You could potentially make a profit on your rental home while building equity at the expense of the renter. Waiting for prices to start to swing upwards in this market may be the single best source of equity gain you can have over the next several years.

Whatever you decide, make sure you take full advantage of resources and get feedback from multiple rental management companies and real estate agents. They will know best about either side (rental and sales) of the real estate market and help you make an informed and advantageous decision. As always — take full advantage of the internet and sites like eppraisal.com to help track local market conditions.

And BERYL SEZ:  Be cautious now more than ever about waiting to long to buy, while you wait for prices to dip $5-10,000, the interest rates could go up a point (1%) overnight, and then you'll find yourself having to make higher payments on a home that you hope will cost you less!  (psssst - this scenario has already happened to clients who refused to heed my warning)

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Market Values Continue Improvement

Good news is rare in today's real estate market, but for the third consecutive month, key figures from eppraisal.com show the number of markets experiencing an increase in single-family home median sales values is on the rise.

Of the 188 market areas tracked nationwide, 121 report an increase in home values during the three months ending in July 1, while just 61 markets — or 32.4 percent — recorded a decline.

This is the third Eppraisal Market Report to show more value increases than decreases since August 2007.

The Midwest continues to be the heart of recovery, with Ohio, Michigan, Pennsylvania, and Illinois commanding the majority of the double-digit value increases. Flint, Mich., shows the biggest improvement with a 41.2 percent increase to $60,000, while Lima, Ohio, continues its strong resurgence with another 38.5 percent increase to $90,000 from $86,500. And Niles-Benton Harbor, Mich., (23.2 percent) and Battle Creek, Mich., (22.8 percent) maintain their impressive recoveries; both markets' values increased more than 20 percent in the last two Eppraisal Market Reports, as well.

Danville, Ill., (23.4 percent) and Erie, Pa., (16.7 percent) were the top performing markets in their respective states.

Seemingly immune to even the slightest recovery, California has only three markets where values have improved, and the increases are slight: Chico (3.2 percent), Hanford-Corcoran (2.4 percent), and San Francisco-San Mateo (.7 percent). More than 89 percent of the Golden State's markets show a drop, including the still-plunging Modesto (-11 percent) and Merced (-15.8 percent).

The report, which is based on completed sales of single-family residences, shows median home values in the three months ending July along with the percent change from the three months ending in April.

How does your area rank?
See the complete Eppraisal National Market Analysis report.

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FHA Mortgage Activity --- Becoming the King of Loan!

29.1% of all mortgage applications in July, 2008 were for government-insured loans.
The government-insured share of mortgage applications has tripled since July 2007.
Conventional to FHA refinance applications have increased 317% since July, 2007.
Conventional to FHA refinance endorsements have increased 260.8% since July, 2007.
Applications for government-insured loans have increased 133.9% since July, 2007.
Applications for conventional loans have decreased 50.2% since July, 2007. 

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BUSH ADMINISTRATION IMPLEMENTS EXPANSION OF FHASECURE MORTGAGE ASSISTANCE FOR ST

Fair and flexible insurance plan will help more families and better protect taxpayers against risk

WASHINGTON - The Bush Administration today implemented an expansion of its flagship mortgage insurance program to assist more homeowners who are struggling to keep up with their high-cost subprime adjustable rate mortgages. HUD's Federal Housing Administration (FHA) has expanded its FHASecure refinancing product to help bring liquidity to the housing market and insure more mortgages for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.

"Starting today, even more families will be able to turn to FHA to find an affordable mortgage and save their homes from foreclosure," said HUD Secretary Steve Preston. "This broader FHASecure refinancing product allows FHA to reach even more troubled homeowners without putting taxpayers or its insurance fund at risk."

With this expansion, FHA is on pace to help 500,000 families refinance into a more affordable mortgage product by the end of this year. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures and the overall contraction in the credit market.

In August 2007, FHA initially modified its refinancing program to help creditworthy homeowners who missed their mortgage payments as a result of the payment shock associated with interest rate resets. Today, FHASecure is expanding its eligibility criteria to homeowners who have gone into default as a result of temporary economic setbacks. FHA will adjust the loan-to-value cap to provide an additional risk control, as follows:

1. Borrowers who are delinquent on their adjustable rate mortgages, but who were late on no more than two monthly mortgage payments over the previous twelve months are eligible for the standard 97 percent loan-to-value (LTV) FHASecure refinance loan.
   
   
2. Borrowers delinquent on their adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past twelve months will be eligible for a 90 percent LTV ratio FHASecure refinance loan.

With these new criteria, the expanded FHASecure can help additional borrowers access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.

Like most other insurance companies, FHA will begin pricing insurance premiums according to borrowers' credit risk. To protect taxpayers, FHA will implement a fair and flexible premium pricing structure. Previously, FHA had a 'one size fits all' premium structure that charged borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing. product in a responsible manner.

"Fair and flexible premium pricing is a common sense solution to helping more lower-income American families stay in their homes and protecting the solvency of FHA. It is about time our pricing mechanism rewarded lower income families who live within their means and pay their bills on time," said Assistant Secretary for Housing - Federal Housing Commissioner Brian D. Montgomery.

An analysis of FHA borrowers showed that risk-based pricing actually benefits lower-income American families. Contrary to conventional wisdom, FHA families with the lower incomes have higher FICO scores because they live within their means and pay their bills.

Under the new structure, FHA's upfront mortgage insurance premium will range from 1.25 percent to 2.25 percent. Borrowers must continue to adhere to FHA's strict underwriting criteria, such as fully documenting their income and job history. This premium structure will preserve lower premium costs for FHA's traditional borrowers, including low-income and minority families who have a strong credit history and save for a down payment.

By charging slightly higher premiums based on risk, FHA will be able to extend the benefits of its FHASecure program to more homeowners affected by the volatility in the mortgage market. Borrowers refinancing into FHA from the subprime market are better off, even with slightly higher mortgage insurance premiums, because FHA insurance gives them access to substantially lower interest rates and lowers their monthly mortgage payments.

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STATEMENT BY HUD SECRETARY STEVE PRESTON ON PENDING HOUSING LEGISLATION

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Steve Preston today issued the following statement regarding housing legislation that is being debated by the U.S. Congress.

This legislation is a mixed bag. The proposed legislation takes important steps to provide stability and confidence in the financial markets and in the institutions that support American's ability to gain access to affordable mortgages.

Yet, the bill ties our hands and denies us the proper tools to help more families. FHA has recently expanded its ability to refinance homeowners trapped in subprime adjustable rate mortgages. As we help more struggling families, FHA has implemented a fairer, more flexible pricing structure.

Unfortunately, this legislation would ban FHA's ability to charge differential pricing. Now, FHA will be required to increase prices on all customers or eliminate its refinancing program for subprime borrowers at a time when they need it the most.

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Difference of 560 and 660 credit score is hundreds of dollars!

Does credit scores make a difference in savings on your mortgage
payment? Here's a chart that clearly shows the differences.

Based on a 30 Year Fixed Rate Mortgage and a
$300,000 loan amount, here are the FISC Scores,
APR, and monthly payment amounts:

760-850...6.005%...$1,800
700-759...6.227%...$1,843
660-699...6.511%...$1,898
620-659...7.321%...$2,061
580-619...9.452%...$2,512
500-579..10.311%..$2,702

Notice the differences could have a dual impact, depending on
not just the score, but where in the range you are located.

For example, from the chart above, we see a score of 660 would
have a monthly payment of $1898. If the borrow would of had a
760 score, 100 points higher, they would have saved $98, $1176
a year.

Perhaps, that savings could have paid your car insurance for the
year, of the gas bill, or the cost of your cell.

But take a look at this comparison now, and this is why there is
so much talk about credit scores and the fact all consumers need
to take them seriously.

Let's suppose you were granted a loan with 560 score (actually,
those days probably are gone with yesterdays collapse of the sub
prime lending market).

You'd probably have to get a hard money lender to help you this
score. And you can expect much higher interest rates than you

see here in these tables.

But for the sake of our example here, we see the 560 score
requires the borrow to make a $2702 monthly payment (primarly
all interest --- because of the high risk a score that low traditionally
carries with it).

If that borrow could have worked on their credit and had improve
on making payments on time, they could bring their credit scores
up 100 points to 660 and have a mortgage loan payment of only

$1898 ----

Folks, that's a savings of $804 per month for a
100 point increase on their credit score.

Need we say more? That would be a savings of $9648 yr.

And this folks is why, so many people who are in debt over their
heads, and can't seem to get out. Because they do not realize
the sins of the past follow you for a minimum of 7 years and even
longer in some circumstances.

However if you can start tomorrow (like this author did years ago),
you can bring up a score by 100 points in less than a year.

And here is a million dollar tip (he us loud and clear)......

1. Get a checking account if you dont have one. Consider one
with no service charge. Many banks require only that your
balance not go below $500 to not be charged a service charge

on your account for that month. You need to check out the

different accounts!

2. Set up a FREE bill payer account that is linked to your checking.

3. Enter "all" recurring bills into your bill payer system. Be sure
the date you choose for the payment to be made is 7 days prior

to the due date. If you don't your payment through bill payer

could arrive late and you have defeated your purpose.

The recommendation to put all recurring bills (utilities, mortgage

payment, everything that comes on a statement every month)

into that account.

Now you will say, yeah, but the utility bill changes monthly. OK,

so talk with your utility company and get yourself on a budget plan

with them. The budget plan adds up the total costs of the utility

for the past 12 months, divides it by 12 and provides you the

average monthly amount.

If you opt for the budget plan process, your will pay a fixed fee

each month. Whatever that fee is, add $5 to your monthly

payment so you build a small reserve. Do that with each utility,

including your cell phone.

(Cell phone is harder to do)....

For me, I looked at my largest month and made that my average

and I know of no cell phone carrier who will allow budget plans so

I just send them that estimated fixed amount I figured out, and it

just overpays and builds a credit balance month after month.

Trust me, the bill payer process takes away the responsibility of

having to remember when to send bills. It will do it for you.

But remember, you to review the bill payer account at least once

a month. Just to see if you need to change anything.

By the way, I forgot to mention, is an SAFE ONLINE INTERNET

PROCESS with tons of security on it by the bank.

This account allowed me to make my payments each and every

month ON TIME EVERY TIME --- and that is precisely what the

credit bureaus measure to determine your score.

Like I say, this tip alone, brought my credit scores up 100 points

to 660 in about 12-14 months. Today my score sits at 802 and

has been in the mid to high 700's for many years! My wifes'

scores are even higher than mine! And think of the savings!

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it's a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it's desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit

.

Many Underestimate Credit Score Importance

While the nation's credit-scoring program is a critical factor in determining what individual borrowers pay in interest on credit cards and mortgages — and even how much they pay for insurance — new research suggests that most Americans still do not understand how the system works.

Respondents to a recent Consumer Federation of America/Washington Mutual Inc. survey largely did not know that credit scores are derived from payment histories, with many participants mistakenly believing that the number is influenced by such factors as income, age, education, and marital standing.

According to Anthony Vuoto of Washington Mutual Card Services, if all consumers took steps to boost their credit scores by at least 30 points, they together would realize as much as $28 billion annually in savings.

 

So, what You Can Do to Improve Your Credit?

 

Credit scores, along with your overall income and debt, are big factors in determining whether you'll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don't charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year.

5. Don't order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6. Don't open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

Companies Help Employees Buy Homes

In the wake of the housing crisis, more businesses are offering employer-assisted housing (EAH) programs.

Illinois was an early advocate of such programs, approving a law to provide a tax credit of 50 cents for every dollar that employers invest in EAH. Other states have followed suit, and similar legislation has been rolled out at the federal level as well.

The plans generally combine counseling services with down payment assistance. The down payment programs are usually loans that are forgiven if the employee stays with the company a certain amount of time, which also helps reduce employee turnover.

The programs appear to work. A recent study of one of the oldest EAH programs at Aurora Health Care in Milwaukee showed that the 208 employees who bought homes through the program stayed with the company significantly longer than average and performed better than other employees.

About closing costs ---

Closing on a property is a very challenging time for a would-be homeowner. Being informed, either through your mortgage broker, your real estate agent, or through self knowledge is the best thing you can be when going through this procedure.

A good real estate agent can help you tremendously. They should know the local market well enough to help you save money in whatever way they can. Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet. They can give you a better idea of what costs are customarily paid by the buyer, and which ones are paid by the seller.

(By the way: Beryl Gosney of Preview Properties has a long standing reputation for getting the closing costs paid for 95% of his buyer clients, with no out of pocket expenses at closing  including prepaids, he averages a $5,000 savings for folks).

The mortgage broker you deal with can make a big difference in your closing costs too. Have them show you several programs suited to your needs. There are lots of ways to structure closing costs based on your points and down payment.

After finding a property, you will want to get qualified by your mortgage broker. Your mortgage broker will send you a Good Faith Estimate within 3 days as required by law. A GFE is a list of your closing costs from your lender. There may be additional closing costs that the lender does not control, so always be prepared to pay for other items also. A good number to be prepared to pay would be to double the GFE amount.

Closing costs average 2.5-3% of your loan amount, and the exact amount will be told to you the day before the closing. All closing costs are to be paid at the settlement of the mortgage loan.

There are two types of closing costs

• Non-recurring closing costs are the ones that you pay once and never have to pay again.
• Recurring closing costs you pay repeatedly over the course of your home ownership. These would be items like property taxes or homeowner insurance. Property taxes placed in escrow are one of the largest expenses at closing.

The following is an alphabetic listing of the items that may be on your GFE. Some items listed here may not be on your GFE.

Loan Origination Fee
Loan Discount fee
Loan Application fee
Points to be paid
Lender's attorney fees
Buyer's attorney fees
Appraisal fee
Credit Report
Lender's Inspection fee
Mortgage Broker commission or fee
Tax service fee
Processing fee
Underwriting fee
Wire transfer fee
Interest from the day of settlement to the date of the first mortgage payment
Private Mortgage Insurance (PMI)
Hazard Insurance premiums
Property taxes from the day of settlement to the end of the tax year
Settlement or closing/escrow fee
Notary fee
Title search & Title insurance to protect your lender
Title insurance to protect you
Recording fees
Tax stamps
Pest inspection

Your closing procedure will go smoothly when you are armed with the right information and guided
by the right professionals.

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About VA Loans...

Uncle Sam has a gift for the men and women who serve our country. It is the VA loan. The VA loan, short for Department of Veterans Affairs home loans, is available to veterans, active service members, reservists, and members of the Public Health Service. These loans are so popular, that in the past fiscal year alone, Uncle Sam has guaranteed 300,000 VA loans totaling more than $38 billion.

Why are these loans considered a gift to our servicemen and women? Because VA loans require no down payment and are available from most lenders. Additionally, the government limits the amount of closing costs, origination fees, and appraisal fees. Because VA loan rates generally run the same as conventional rates, skipping the down payment is a big advantage. Not surprisingly, about 91 percent of VA buyers do just that.

Best of all, there is no private mortgage insurance (PMI) because the government prohibits lenders from requiring it. Not having PMI is a considerable cash savings for a borrower. For example, on a $126,000 loan, PMI would run approximately $40 to $64 a month for the first three to five years of a 30-year loan. The total savings? $1,440 to $3,840.

However, there is a downside:

* FUNDING FEES - In 1982 Congress levied a one-time funding fee on VA loans. And these fees can range anywhere from 1 1/4 percent to 3 percent, depending on the veteran's service and whether it's a first or subsequent loan. Although the VA will lower the fee if the borrower makes a down payment of at least 5 percent, and a buyer can finance the fee along with the home, there is a hidden cost. For example, on a $126,000 mortgage, a 2-percent fee can bloom into $14,474 over the 30-year life of a 6-percent loan.

* LOAN LIMITS - The maximum guaranteed is $240,000, yet buyers in high-priced markets such as California or Manhattan may have to evaluate other options for their financing. And while the eligibility certificate indicates how large a loan the government will guarantee, the vet may not be eligible. Just like a conventional loan, the actual mortgage amount will be based on income, assets, debts and credit history.

* QUALIFIYING - VA loans are available for active and former members of the armed forces who have a specific length and time of service and discharge conditions. Reservists and National Guard members may be eligible if they served at least six years and received an honorable discharge. Veterans discharged for a service-related disability are potentially eligible, as are some members of the Public Health Service and foreign veterans who served with the Allied forces during World War II. Additionally, a widow or widower may also apply for a loan, provided the spouse's death was service related. MIA and POW spouses may also qualify.

Applying for a VA loan is no different than applying for a conventional loan, except that one needs to obtain a certificate of eligibility from the VA. Not only are VA loans easy to get, Uncle Sam has made it even easier this year. The actual loan process takes about two to six weeks, the same time as a conventional loan. And just about every lender that handles FHA or conventional loans also makes VA loans.

Yet the greatest gift of all remains the fact that VA loans allow a buyer to purchase a home without investing a down payment. And that is a very good gift indeed.

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Do You Need To Dispose Of A TV or Computer, etc?

 Recycle Electronics at These Locations

Snohomish County Locations

Locations Outside Snohomish County 

Manufacturer Programs

Charities

Call for prices and hours before dropping items off. To protect your personal data from any possible misuse, be sure to clear your hard drive before you recycle it or pass it on to others for re-use.
Free software is available for erasing hard drives.
 

Small Quantities	Large Quantities	Snohomish County Locations
SM Quant		ACN Computers Lynnwood, WA (425-775-4926) (computer related)
SM Quant		Airport Road Recycling & Transfer Station Everett (425-388-3425) Items and prices
SM Quant		Alpha Electronics Everett, WA (425-339-0100) (computer monitors & TVs)
Sm Quant		BCS Computer Arlington, WA (360-283-5992) (computer monitors, TVs up to 36" & other related equip up to 100 lbs. & under 4')
SM Quant		Computer Concepts Bothell, WA (425-481-3666) (computer related, scanners, printers)
SM Quant	LG Quant	E-Man Data Recovery LLC Snohomish, WA (360-243-7748) Snohomish, WA (425 347-3732) (all electronics)
SM Quant		North County Recycling & Transfer Station Arlington (425-388-3425) Items and prices
SM Quant	LG Quant	PC Recycle Marysville, WA (360-659-6131) Lynnwood, WA (425-697-6666) (all electronics)
SM Quant	LG Quant	PC Select Computers, LLC Monroe, WA (360-863-0121) (all electronics)
SM Quant	LG Quant	Printer Ink Source Everett, WA (425-252-8202) (printers & ink cartridges)
SM Quant	LG Quant	Richman-Poorman Computers Everett, WA (425-353-6900) (computer related)
SM Quant	LG Quant	Simple Recycling Snohomish, WA (360-862-9087) (printer cartridges and cell phones; pick-up service available)
SM Quant		Southwest Recycling & Transfer Station Mountlake Terrace (425-388-3425) Items and prices
SM Quant		Staples Everett, WA (425-258-2017) Lynnwood, WA (425-672-8535) Marysville, WA (360-657-2322) Mill Creek, WA (425-743-6882) Monroe, WA (360-863-8870) (computer related)

 

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Riverside District Annual Yard/Garage Sale - Saturday, July 12, 2008

 
Riverside Annual Yard/Garage Sale

When: Saturday, July 12, 2008

Treasure seekers come from all around in search
of great finds, so if you are thinking of having a
yard sale this year - this is the time to do it!

Click here for the Registration Form.

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Some Basic About Private Mortgage Insurance (PMI)

Will you be asked to pay Private Mortgage Insurance, or PMI?
Most lenders will require you to carry PMI if you cannot put 20% or more of your loan amount forward as a down payment. PMI protects the LENDER in case you default on your payments. PMI does not protect you, the borrower. The lender will secure the PMI policy for you, and you will pay for it. Most people choose to have PMI added to their monthly mortgage payments, but other payment arrangements are possible. The monthly cost of PMI is based on your loan amount. An approximate cost of PMI for a $100,000.00 loan is about $50.00 a month.

Your Magic Number
When the equity in your home reaches 20%, you can have the PMI policy cancelled. Your monthly payment will be recalculated to reflect that you are no longer paying for the insurance, and you can save some money. But lenders do not have to cancel your PMI until your equity reaches 22%, so you can spend extra money on this that you don't have to. Your best bet is to figure the dollar amount that you need to reach in order to have 20% equity. Then, obtain an amortization schedule from your lender, and see when you will reach that figure. That is the date to keep in mind so you can cancel it without any extra cost to you.

It's Not Always Automatic
Not all people have the convenience of having their PMI automatically cancelled. The Homebuyer's Protection Act that requires lenders to do this does not cover loans that closed before July 29, 1999. It also does not cover VA loans or FHA loans. So be aware that you might not have someone else taking care of this for you. Check it out!

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