How to Stop Paying PMI Today

If you put less than 20% down on your home purchase, you are paying private mortgage insurance. However, there is a way to get rid of it.
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I’ve got a tip to share with you today that will potentially save you thousands of dollars on your mortgage payments.

If you’ve bought your house in the last decade but put less than 20% down on it, you’re probably paying private mortgage insurance, or PMI. At this point, you’re probably not even thinking about it, as it is rolled up into your monthly payment. It costs you $100, maybe $150 per month.

However, once you pay down the balance on your mortgage to a 78% loan-to-value ratio or once the value of your home increases enough to cross that threshold, you can eliminate having to pay PMI for the remainder of your loan term.

It’s a smart idea to have your home re-appraised.

How do you do this? Just contact your mortgage lender and ask them to have the home appraised once again to eliminate your PMI. If you bought your home in the last 10 years, especially around 2011 or 2012, it has risen significantly in value. If you’re currently paying PMI, you should look into eliminating it. It will save you thousands of dollars over the loan’s term.

If you have any questions for us or we can do anything for you or anyone you know, give us a call or send us an email. We look forward to hearing from you soon.

How to Get Your Offer Accepted

Looking to buy or sell a home in Athens, Georgia? Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (706) 621-6085 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I just wanted to talk with you for a moment about a trend we are seeing with Athens home buyers. As the days go by, we are seeing more and more of our buyers involved in multiple offer situations.

The reason for that is pretty simple, supply and demand. We are finding that in many price ranges and areas, there are simply not very many good homes for sale. This creates buyer interest and buyer activity. When a home does come on the market, there are multiple buyers waiting and diving in after it.

Multiple offers are a great thing if you’re a seller, but not so much if you’re buying. So, what can you do as a buyer in order to win out against other offers? Here are our best tips.

First things first, make the best offer you can. At least this way, you know you gave it your best shot. Price is the most important thing for most sellers, but terms are also very important as well. For example, if you can pay cash, that allows the seller to know you’re serious about buying and your offer isn’t contingent on any financing. Other terms you could manipulate in the seller’s favor include having a shorter inspection period and closing as quickly as possible. If the house is occupied, it makes sense to work with the seller on when they would like to close.

At the end of the day, it’s about the money, but it can be about more. There are a lot of different things you can do with terms and contingencies in a contract in order to make your offer strong. If you’re working with a professional agent, they will be able to tell you how to structure your deal so that your offer is its strongest.

If you have any questions for us, please give me a call or send me an email. I’d be glad to answer them for you.