Remove PMI

Private Mortgage Insurance (PMI) is insurance that protects the lender in case an owner should default on their home. PMI is required for buyers who get a conventional mortgage and make a down payment of less than 20%. Once the homeowner has an equity position of more than 20% the PMI can be removed with lender approval. Upon request, lenders will do a home valuation to determine if the PMI can be removed.

The cost of PMI for a conventional home loan averages 0.58% to 1.86% of the original loan amount per year.

If the borrower has an FHA loan, they can refinance into a Conventional loan once they’ve gained enough equity to help get rid of the PMI.


Contact me at by text (505) 350-8184 for more information on our Trusted Lender.

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HELOC 

Understand Mortgage Hacks for Homeowners A Home Equity Line of Credit, also known as a HELOC, is a line of credit secured by the home that gives the borrower a revolving credit line. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Much like a credit card, you can draw on the HELOC, pay it off, and draw on it again. There are several ways a homeowner could benefit from using a HELOC:

  1. Use the equity from the home without refinancing.
  2. Use the equity for a down payment on a new home while keeping the current home.
  3. Use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
  4. The additional line of credit may increase their…

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April 2024 Market Statistics

Published on May 10, 2024

Highlights (the highlights are a comparison between April 2023 and April 2024)

  • Median detached home price increased 2.0 percent to $350,000
  • Average detached home price increased 4.8 percent to $409,580
  • Overall inventory of detached homes for sales increased 23.9 percent to 1276

Additional Reports

April 2024 Showings Report

April 2024 Local Market Snapshot Reports (by zip code & MLS Area)

Credit GAAR.com

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How it Works

A 3-2-1 buydown is a concession to the buyer that reduces the buyer's interest rate and monthly payment for the first three years of homeownership making the home more affordable. In the below example, the seller agrees to finance three years of a lower interest rate for the buyer.

  1. The interest rate for Year 1 is reduced by 3 percentage points
  2. The interest rate for Year 2 is reduced by 2 percentage points
  3. The interest rate for Year 3 is reduced by 1 percentage point
  4. Year 4-life of loan are subject to the original interest rate

The cost to the seller is based on the note rate minus the 3% for the first 12 months and the same for the 2% (13-24 months) and the 1% (25-36 months). To get the total cost from the seller, add…

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#1. Early payoff hacks 

There are several early payoff hacks that homeowners can take advantage of:

Make 1 extra loan payment each year

How it Works

By making one extra payment per year, a homeowner can reduce the amount of interest they will pay over the life of the loan and the duration of the loan. In this example, the monthly payment is $3,160, so by making 1 extra monthly payment of $3,160, the mortgage will be paid off six years ahead of schedule and net over $156,000 in savings.

Tip: By making the extra payment in January, you are hacking the total number of days the mortgage is collected on.

Using the following terms:
Mortgage Term - 30-year Interest Rate - 7% Loan amount - $475,000 Monthly payment - $3,160

Extra Mortgage Loan Payment

#2. EARLY…

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#1. Buydowns

This Playbook Series is designed to explain several mortgage programs available today as well as some hacks to help those with current mortgages pay less over time.

There are a few common buydown products that clients can take advantage of, including an Interest Rate buydown, 3-2-1 buydown and a 2-1 buydown. While the following examples reference sellers paying for the buydowns specifically, buyers or lenders can also pay for interest rate buydowns.

Interest Rate Buydown

How it Works
A rate buydown is a way to pay for a lower interest rate by purchasing discount or mortgage points.

Value to Clients

Buydowns can be a benefit to both buyers and sellers. Sellers get a competitive advantage and buyers get to make a one-time…

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This may be the best time!

Perhaps it's a prime moment to tap into your home equity. The opportunities are abundant, whether you're eyeing home renovations, aiming to clear hefty debts, or funding education expenses. Given the soaring home prices, a significant portion of Americans' wealth lies tied up in home equity. Thankfully, streamlined loan options exist, making it swift and straightforward to ascertain how much you can leverage.

Contact me at (505) 350-8184 for more information on our Preferred Lender.

How much can you access?

Click Here to find out!

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Volcano Mesa by DR Horton Homes

Volcano Mesa in Northwest Albuquerque is DR Horton's newest community. View Listings Here

  • Starting in the high 300's
  • 3 - 4 Beds | 2.5 Bath | 1 - 2 Story | 2 Car Garage
  • 1,345 - 2,209 Square Fee
Community Map

Volcano Mesa Subdivision Map

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March 2024 Market Stats

  • Highlights (the highlights are a comparison between March 2023 and March 2024
  • Median detached home price increased 3.7 percent to $351,000
  • Average detached home price increased 2.8 percent to $396,556
  • Overall inventory of detached homes for sales increased 10.3 percent to 1192

Additional Reports March 2023 Showings Report March 2023 Local Market Snapshot Reports (by zip code & MLS Area) 

Full Market Report

Green Market Report

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La Cuentista Pulte Homes

Discover the pinnacle of modern living at Estates at La Cuentista, Albuquerque. Crafted by Pulte Homes, this community offers a harmonious blend of luxury and serenity. With meticulously designed homes, top-notch amenities, and a prime location, residents can immerse themselves in the beauty of Albuquerque while enjoying unparalleled comfort. Whether you seek relaxation by the poolside or adventure in the nearby mountains, this community promises a lifestyle of sophistication and convenience. Experience elevated living at Estates at La Cuentista, where every moment is infused with tranquility and charm. Click here for more information including floor plan, map and site plan

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