L.A. real estate news and insights.
P.M.I. stands for Private Mortgage Insurance.
Typically when buying a home, you have to pay P.M.I. if you put less than 20% for your down payment.
PMI protects the lender, not you if you stop making payments on your loan.
Think about that... the insurance is to protect them, but you have to pay for it!
Depending on your loan amount, it can cost you $200, $300, $400, on top of your mortgage payment.
You should avoid this if possible
Put at least 20% down and you will avoid paying P.M.I.
If I have brought you any value through my real estate content, it would mean the world to me if you referred me to your friends who are looking to sell their home this Spring.
They can text me at 818-445-7953.
Thank you!
The better you know the market, the faster you can identify a good deal.
Track properties that interest you, see what they sell for, and go to open houses.
This will give you an overall feel for the market.
Then connect with a seasoned agent that will guide you the rest of the way.
The #coronavirus has scared #WallStreet and the #FederalReserve.
To stabilize the market, the Fed called an emergency meeting today and cut the interest rate.
Interest rates for home buyers have dropped to the low 3% range.
When my dad was selling properties back in the 1970s, interest rates were at 17%.
