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Leading LMI provider Helia has released an educational video called "Better, Sooner, Brighter" which explains how lenders mortgage insurance can provide a faster path to homeownership and a more desirable property. Helia chief commercial officer Greg McAweeney says the video is a powerful reminder of how informed decision making can empower homebuyers. Read the full story here: https://lnkd.in/gBBVidAz #lmi #mortgageinsurance #mortgageindustry #mortgagebrokers #homebuyerstips #homebuyers #propertyeducation

Hey everyone, it's David, your friendly neighborhood Realtor! Today, I want to talk about something crucial when it comes to buying a home: Mortgage Insurance. Understanding mortgage insurance is vital because it can significantly impact your home-buying journey. For many first-time buyers or those with a smaller down payment, mortgage insurance can open doors to homeownership by reducing the lender's risk. It's crucial to know the different types of mortgage insurance and how they affect your monthly payments. By being informed, you can make smarter financial decisions and choose the best option for your situation. So, let's dive into this topic together and empower ourselves to make confident choices on the path to owning our dream homes. Stay tuned for more tips and insights! David Haun The Synergy Group Legacy Real Estate Lic. 02067972 (559) 334-8971 #RealEstate101 #MortgageInsurance #HomeownershipJourney #HomeBuyingTips #FirstTimeHomeBuyer #HomeBuyingProcess #HouseHunting #RealEstateAdvice #RealEstateTips #CreditScore #DownPayment #HomeBuyingMistakes #HomeOwnership #RealEstateEducation #RealEstateAgent #HomeBuyingChecklist #HomeBuyingBudget #HomeBuyerResources #NegotiationTips #RealEstateInvesting #TulareCounty #Visalia #DavidHaun #SynergyGroup #LegacyRealEstate #MarketingMatters #ServiceOverSales

Hey there, folks! Let’s talk mortgage insurance – I know, not the most thrilling topic, but if you're diving into the world of home buying, it's kinda of important. So, mortgage insurance is basically a safety net for lenders in case you can’t make your payments. If you’re putting down less than 20% of your home’s purchase price, your lender will likely require it. There are a couple of types: PMI (Private Mortgage Insurance) for conventional loans and MIP (Mortgage Insurance Premium) for FHA loans. While PMI can be canceled once you build up enough equity, MIP usually sticks around for the life of the loan. Yeah, it does mean an extra cost on top of your mortgage, but it also means you can buy a house with less money upfront. It's a trade-off that helps many people become homeowners sooner. If you’ve still got questions, it’s super helpful to chat with a mortgage broker or lender. Happy house hunting, everyone! DM me 'Book' for my Complete Guide on How to Buy a Home!

Mortgage Insurance: It’s Not a Big Deal! For many first-time homebuyers, mortgage insurance might sound like just another added cost, but it’s actually a game changer. Here’s why: It’s Affordable: Most homeowners pay no more than a couple hundred dollars a month for mortgage insurance, and it’s a small price to pay for the bigger picture. Achieve Homeownership Sooner: Instead of waiting to save up a full 20% down payment, mortgage insurance helps you get into your home sooner, allowing you to start building equity right away. Common for First-Time Buyers: Don’t worry, you’re not alone! Mortgage insurance is extremely common and often the key to homeownership for many buyers. So, if you’re ready to stop renting and start investing in your future, contact me, Denise Venturelli at 602-763-9795!

🔑 Mortgage Servicing Change During Ownership 🔑 If you currently own a home, you may have experienced a change in mortgage servicer during the life of your loan. The mortgage servicer typically changes when the loan is sold off to a different mortgage company that now holds the financial interest in your property. During this transition, not only does the company that collects your mortgage payments change, but the handling of your insurance and property taxes may also shift. It's crucial to keep track of communications from both your old and new servicer. This will ensure a smooth transition, and update any automatic payments set up for your mortgage, insurance, and property taxes accordingly. If you have any questions or concerns about the transfer, don't hesitate to reach out to both servicers for clarification. Remember, open communication is key to a successful transition. When this changes, you need to notify your home insurance company so that they can update the mailing address of where to send the new home insurance invoice so that the insurance is paid promptly. If this needs to be corrected promptly, it can lead to a nonpayment cancellation on your home insurance. If this payment is made in a reasonable timeframe after the cancellation, then you may be at the underwriter's discretion for possible reinstatement. Although that is the best possible solution, the opposing side could be a cancelation with a lapse. Which will cause difficulty finding new insurance and or be costly. #homeownershipgoals #mortgage #playitsafe #knowledgeispower #growthmindset #winning

What does mortgage insurance cost? (Courtesy of https://lnkd.in/gmYEqu7B) Private mortgage insurance (PMI) sometimes gets a bad rap as just an extra line item on your monthly mortgage statement. It’s true that PMI can add to the monthly cost of owning a home, but it often allows you to buy sooner than you otherwise would have – and in many cases, it can be eventually canceled, lowering that monthly cost. So, how much does mortgage insurance cost? As with almost everything related to the process of buying a home, the answer to that question is, “It depends.” Many factors determine how much you might pay for MI, including: The type of MI (the most common MI is monthly, but there are other options) The terms of your loan The amount of your down payment Your credit history and other risk factors The only way to know the cost of MI in your specific situation is to consult with a loan officer. Examples using the average cost of mortgage insurance All the info above is well and good (and accurate), but I know you came here for some cold hard numbers. Our calculators include average monthly MI rates to help you get an overall sense of the cost of mortgage insurance. Let’s look at a scenario. According to Zillow, the value of a typical home in the US was $355,852 as of July 2022. #housing #mortgage #realestate #properties #home #property #realtor #homesweethome #dreamhome

What does mortgage insurance cost? (Courtesy of https://lnkd.in/gmYEqu7B) Private mortgage insurance (PMI) sometimes gets a bad rap as just an extra line item on your monthly mortgage statement. It’s true that PMI can add to the monthly cost of owning a home, but it often allows you to buy sooner than you otherwise would have – and in many cases, it can be eventually canceled, lowering that monthly cost. So, how much does mortgage insurance cost? As with almost everything related to the process of buying a home, the answer to that question is, “It depends.” Many factors determine how much you might pay for MI, including: The type of MI (the most common MI is monthly, but there are other options) The terms of your loan The amount of your down payment Your credit history and other risk factors The only way to know the cost of MI in your specific situation is to consult with a loan officer. Examples using the average cost of mortgage insurance All the info above is well and good (and accurate), but I know you came here for some cold hard numbers. Our calculators include average monthly MI rates to help you get an overall sense of the cost of mortgage insurance. Let’s look at a scenario. According to Zillow, the value of a typical home in the US was $355,852 as of July 2022. #housing #mortgage #realestate #properties #home #property #realtor #homesweethome #dreamhome

Are you considering buying a home but don't have a 20% down payment? Don't worry! Private mortgage insurance (PMI) can help you get into your dream home sooner. Check out this article to learn more about PMI and how it can help you achieve homeown...

Are you considering buying a home but don't have a 20% down payment? Don't worry! Private mortgage insurance (PMI) can help you get into your dream home sooner. Check out this article to learn more about PMI and how it can help you achieve homeown...