We are asked how to drop the Mortgage Insurance on your loan. Mortgage Insurance also known as MI or PMI (Private Mortgage Insurance) is part of your monthly mortgage payment. Mortgage Insurance is required when putting less than 20% down payment on a home. It can be costly and will add $100 plus to your loan payment (depends on loan amount). Mortgage Insurance is to protect the lender in case you default on your home loan.

Below are explanations on how to or when MI will be removed from your monthly mortgage payment.

Dropping Conventional Mortgage Insurance Rules

  • Automatic Termination
    • Fixed Rate & Adjustable - Removed when reduced to 78% LTV
      • LTV based upon ORIGINAL VALUE
      • Based SOLEY on regular amortization (not prepayment …

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School will be over for the summer, weather will be good (except for a little wind) and you may be planning a BBQ or trip out of town to the lake but I wanted you to know I will be available all weekend to show homes. If you have some time between planning that BBQ I would be happy to show you homes.

Thanks to the troops and we honor you on this Memorial Day!

I still have available time this weekend so give me a call (505) 350-8184.

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Short Sale Relocation Assistance Program:Bank Of America Relocation Money
Our Clients could receive
$2,500 to $30,000 in relocation assistance 

Call US TODAY (505) 350-8184

Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That's why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.

Don't miss this limited-time offer to get your distressed clients the help they need by initiating a preapproved price short sale today!

Determining your clients' eligibility…

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We are local Realtors that have successfully closed hundreds of home purchases and we see financing from all different lenders local, online and out of state. We have great success with local lenders because they own and operate offices in Albuquerque that we can call or visit the same loan officer if we have a problem.

With online or out of state retail lenders is when we have the greatest probability of issues arising and closing ontime. We don't really know why this happens but consider there is not much accountability with no local person to go to or calling in to their call center and talking to a different loan officer/processor each time MAY have something to do with it.  This includes Bank of America, Wells Fargo, USAA, Quicken Loans and many…

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Some basic information that may help you in your quest for more information on a home listing.

If you notice the information located in the 'Additional Information' section of a MLS Listing Display. This information will be available for all listings and is typically located at the bottom right hand side of the display.

 

 

 

The 'Additional Information' will also let you know if the home is a Short Sale or Bank Owned Home.  This can be useful if you are or are not interested in short sale's or foreclosures.  If it does not specifically have RE/Bank Owned or Short Sale then it is just a regular sale.

 

 

So here are some quick definitions for financing:

  • Conventional - This is a common type of financing with a…

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Beginning April 1st, 2012 FHA will be raising their upfront Mortgage Insurance. You may be asking yourself 'how does this effect me'?

Here is a scenario:

Your current loan approval amount $150,000 FHA

Old Monthly MI = 1.15% = $143.75 Monthly MI

New Monthly MI = $1.25% = $156.25 Monthly MI

Old Upfront MI = 1% or $1500 based on above loan amount (added to loan amount)

New Upfront MI = 1.75% or $2625 based on above loan amount (added to loan amount)

This means that you would qualify for about $5,000 less on your mortgage with the new increase beginning April. Your loan amount would decrease to $145,000.

This reduction may be signficant to a buyer trying to max out their purchase, which happens all the time, by the way. If you feel you this…

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We would love to see you at The ABQ Home Expo. Vist booth 307 for a FREE Instant Market Analysis, Foreclosure Listings and learn how to enter for a chance to WIN a day at the Spa!

Show is February Saturday 18th 10am-6pm and Sunday 19th 10am-5pm.

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Use this link to see the latest bank owned homes for sale. Home's are located in the North Valley, Northeast and Northwest.

6 New Bank Owned Homes

Always up to date - Click Here - Foreclosure Listings.

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