Rules for Dropping Mortgage Insurance

Posted by Carlos Martinez on June 20th, 2012

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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Bank of America Offers Relocation Money on Short Sales

Posted by Carlos Martinez on May 15th, 2012

Short Sale Relocation Assistance Program:
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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What does 'Additional Information' on listing displays mean?

Posted by Carlos Martinez on April 17th, 2012

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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Mortgage Insurance Rates Increase FHA

Posted by Carlos Martinez on March 8th, 2012

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…

1838 Views, 1 Comments

Come Visit Us @ The ABQ Home Expo

Posted by Carlos Martinez on February 7th, 2012

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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Overcome mental roadblocks that lead to foreclosure

Posted by Carlos Martinez on November 17th, 2011

Recently read this article and thought it may help those needing to prevent foreclosure

There are several government reports out now stating that most homeowners who lose their home to foreclosure never contact the bank to determine whether they can work something out with them, despite the ubiquitous government, bank and media education campaigns encouraging them to do just that.

Read the Full Story

Contact me to help advise you on a possible short sale Carlos Martinez 505-350-8184 Click Here for additional information.

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When you need a reliable, up to date...

Posted by Carlos Martinez on October 6th, 2011

When you need a reliable, up to date home search website visit www.NMWelcomeHome.com. Serving Albuquerque and Surrounding Area, Rio Rancho, Santa Fe and Surrounding Area.

Many details are available about the listing, including Virtual Tours, Map, Birdseye View, Days on Market, Short Sale, Bankowned, Financing, and all the basic information you may desire. Contact Us for additional information on ANY listing.

Many different search options to suite your need. Search by Address, MLS#, City, School, Area, Zip Code, Map, and Subdivision.

Search Homes Now

Easy to read details and the ability to increase to large color photos.

Full details about the listing

Ability to increase to large color photos.

…

2198 Views, 0 Comments

12 Most Important Items a Buyer Should Know When Buying a Home

Posted by Carlos Martinez on December 14th, 2010

Below are some key facts for the home buying process. There are many more details when buying a home. I am experienced and will work hard making sure your home buying purchase is a great one.

Speak to a lender and get Pre-Approved – I cannot stress the importance of this

         What you will learn:

• How much you are qualified for
• Monthly Payment
• Fees/Cost involved

          Real Estate Agent will help you with...

• Typical timeframe to close on a home is 30-45 days from date of offer acceptance.
• Go over all disclosures and inspections available
• Evaluate Home and List Price to determine offer price.
• Write Purchase Offer and negotiate – could take several days.
• You will be required to write a check for an Earnest…

1784 Views, 0 Comments

Bankruptcy and Foreclosure?

Posted by Carlos Martinez on July 26th, 2010

I have had many conversations with customers, clients and agents regarding how a bankruptcy affects the foreclosure of a home. Before I give my opinion, I will give my disclaimer. This is not meant to be legal advice and you should seek out an attorney for any legal advice needed.

I recently attended a bankruptcy class taught by one of our local Albuquerque attorneys.  This person was full of information, including how bankruptcy and foreclosure work.  First we will begin with how a mortgage works and the definition.

A mortgage involves two important legal documents: A promissory note and either a mortgage document or deed of trust.

Promissory Note: The promissory note (also called a mortgage note or real estate note) is a note the buyer gives to the…

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Can you tell me what HAFA is and what it means for homeowners?

Posted by Carlos Martinez on June 3rd, 2010

HAFA (Home Affordable Foreclosure Alternatives, is part of the part of the Makeing Home Affordable Programed which helps homeowners during this current economic crisis through short sales and deeds-in-lieu.

The programs gives a $3,000 cash incentive to homeowners to avoid foreclosure and successfully complete a short sale or deed-in-lieu.

Probably the most appealing part of the HAFA program is the lender agrees to forgive the remaining mortgage debt for which the home sells for or for the deed to the home.  Note: New Mexico law allows for a deficiency judgements which can be brought by the lender to the borrower for the difference from the mortgage balance to what the actual selling price was and closing cost.  The HAFA program specifically waives a…

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