N.B.Taylor & Co., Inc. Realtors



Posted by N.B.Taylor & Co., Inc. Realtors on 3/18/2019

You can ask any homeowner-buying and owning a home is expensive. Mortgage payments, property taxes, utilities, and other bills quickly add up.

If you want to buy a home but donít have a large down payment saved, odds are youíve discovered something called private mortgage insurance (PMI).

PMI is an extra monthly payment that you make (on top of your mortgage payment) when you donít have enough to make a large (20%) down payment on your home.

However, if you want to buy a home and donít want to tack on an extra monthly payment for PMI, you have options. In todayís post, Iím going to talk about some ways to avoid paying PMI on your mortgage so you can save more money in the long run.

PMI Basics

Before we talk about getting rid of PMI, letís spend a minute on what to expect when you do have to pay it.

PMI typically costs 0.30% to %1.15% of your total loan balance annually. That means that your PMI payments will decrease a moderate amount as you pay off your loan.

Furthermore, once you have paid off 22% of your loan, your PMI will be cancelled and youíll only be responsible for your regular monthly mortgage payments.

Getting PMI waived early

With conventional loans, you can request to have your PMI cancelled once youíve paid off 20% of the mortgage. However, many buyers with PMI are using some form of first-time buyer loan, such as an FHA loan.

With an FHA loan, youíll be stuck with PMI for the lifetime of the loan if you donít make a down payment of 10% or more. Thatís a lot of PMI payments, especially if you take out a 30 year loan, and it can quickly add up.

If you have an FHA loan with FHA insurance, the only way to cancel the insurance is to refinance into a non-FHA insured loan. And remember--refinancing has its own costs and complications.

Making it to the 20% repayment mark

On conventional loans, the best way to get rid of PMI is to reach your 20% repayment mark as soon as possible. That could mean aggressively paying off your mortgage until you reach that point.

This can be achieved by making extra payments, or just paying more each month. However, you donít want to neglect other debt that could be accruing costly interest in favor of paying off your loans. Make sure you do the math and find out which debt will be more expensive before neglecting other debt.

Once you do reach the 20% repayment mark, youíll have to remember to apply to have your PMI canceled with your lender. Otherwise, it will be canceled automatically at 22%.





Posted by N.B.Taylor & Co., Inc. Realtors on 3/11/2019

Purchasing a home in a seller's market may prove to be difficult. Fortunately, we're here to offer expert guidance to ensure you can find the best house at the lowest price, regardless of the present real estate sector's conditions.

Now, let's take a look at three tips to help you get ready to pursue a home in a seller's market.

1. Assess the Housing Market Closely

A seller's market likely features a shortage of high-quality houses. As such, you'll want to analyze the local real estate sector closely so you can identify your dream home faster than ever before.

Take a look at the prices of recently sold houses in your city or town. This information can help you understand the average price range for homes of all sizes in your area. You also should find out how long these homes were available before they sold to understand the current pace of the real estate market.

Furthermore, you should make a checklist of home must-haves and wants. Once you craft this checklist, you can assess the houses available in your city or town and map out your homebuying journey accordingly.

2. Get Pre-Approved for a Mortgage

In all likelihood, you'll need to act fast to acquire your ideal residence in a seller's market. If you have a mortgage in hand when you submit a home offer, you may boost your chances of receiving a "Yes" from a seller.

A home offer that is contingent on a buyer's approval for a mortgage often is far from ideal. If a seller receives this type of offer, he or she may be reluctant to accept it, as there are no guarantees a buyer will be able to obtain the necessary financing to acquire a home.

Comparatively, a buyer who gets pre-approved for a mortgage can enter a seller's market with a budget in hand. And if he or she finds a great house, this buyer can submit an offer without having to worry about getting financing at a later time.

To get pre-approved for a mortgage, you should meet with a variety of lenders. These financial institutions can teach you about a wide range of mortgage options and help you find the right mortgage based on your finances.

3. Collaborate with a Real Estate Agent

A seller's market can be tough to navigate, regardless of whether you're a first-time or experienced homebuyer. Thankfully, real estate agents are available who can guide you along the homebuying journey.

Typically, a real estate agent will learn about your homebuying goals. He or she then will keep you up to date about houses that meet your criteria, set up home showings and help you submit offers on residences. And if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them at any time.

Prepare to buy a house in a seller's market Ė use the aforementioned tips, and you can move one step closer to acquiring your dream residence.




Categories: Uncategorized  


Posted by N.B.Taylor & Co., Inc. Realtors on 2/18/2019

The homebuying process may prove to be challenging, particularly for individuals who fail to anticipate potential problems. Lucky for you, we're here to help you identify and address homebuying hurdles before they escalate.

Now, let's take a look at three tips to ensure you can seamlessly anticipate and overcome homebuying hurdles.

1. Learn About the Housing Market

The real estate market can be complex. Fortunately, an informed homebuyer should have no trouble resolving potential problems early in the property buying journey.

Examine a wide range of housing market data Ė you'll be glad you did. Look at the prices of recently sold houses Ė as well as the prices of available residences Ė in your preferred cities and towns. With this housing market information, you'll be better equipped than ever before to differentiate a buyer's market from a seller's one and plan your homebuying journey accordingly.

2. Get Home Financing

If you intend to pursue a house, you likely will need a mortgage. Thankfully, banks and credit unions are available to help you obtain a mortgage in no time at all.

Ultimately, it helps to get pre-approved for a mortgage. If you enter the housing market with a mortgage in hand, you can narrow your house search to properties that fall within your price range. And as a result, you could speed up the process of finding and buying your dream house.

When you meet with lenders, don't hesitate to ask lots of questions, either. If you allocate time and resources to learn about all of your home financing options, you can determine exactly which option is right for you.

3. Employ a Real Estate Agent

There is no need to pursue a house on your own, regardless of whether you're an experienced or first-time property buyer. But if you employ a real estate agent, you can work with a homebuying expert who can help you make your homeownership dream come true.

A real estate agent understands what it takes to find a great house at an affordable price. He or she can teach you about the housing market and help you make informed decisions at each stage of the property buying journey. Perhaps best of all, a real estate agent can prepare you for potential homebuying hurdles and ensure you can quickly address these issues.

Let's not forget about the assistance that a real estate agent provides as the homebuying journey progresses as well. A real estate agent will set up home showings, help you weigh the pros and cons of different houses and ensure you can submit an offer to purchase your dream residence. And as you approach the date of your home closing, a real estate agent will offer tips and recommendations to ensure you can finalize your house purchase without delay.

Want to avoid homebuying hurdles? You're not alone. But with the aforementioned tips, you can identify and overcome various homebuying hurdles and effortlessly navigate the property buying journey.




Categories: Uncategorized  


Posted by N.B.Taylor & Co., Inc. Realtors on 2/11/2019

Generally, the length of the homebuying journey depends on the individual. In some instances, a buyer will purchase the first house that he or she views in-person. Or, in other cases, it may take a buyer several weeks or months to find a house that matches his or her expectations.

There is no need to rush the homebuying journey. But if you know what to expect when you pursue your dream house, you may be able to seamlessly navigate the property buying cycle.

Now, let's take a look at three tips to help you streamline the homebuying journey.

1. Establish Homebuying Criteria

If you know where you want to live and what you want to find in your ideal residence, you can tailor your house search accordingly. And as a result, you may be better equipped than other property buyers to discover a great house at an affordable price.

As you put together homebuying criteria, it is important to consider your long-term plans as well. For instance, if you enjoy city life and want to spend as much time as possible in the city, a house in the city may be the right choice for you. On the other hand, if you want to raise your family in a small town, you may want to hone your search to houses in small towns.

2. Get Pre-Approved for a Mortgage

A home purchase likely will require you to obtain a mortgage. Fortunately, banks and credit unions are available nationwide, and these financial institutions can help you get pre-approved for a mortgage.

Meet with several banks and credit unions so you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage and enter the real estate market with a budget in hand.

3. Hire a Real Estate Agent

If you're on the lookout for your dream home, you may want to hire a real estate agent. This housing market professional can keep you up to date about new residences that become available in your preferred cities and towns Ė and much more.

Typically, a real estate agent will do whatever it takes to help you find and buy your dream home. He or she initially will learn about your homebuying goals and develop a custom homebuying strategy for you. Next, a real estate agent will set up home showings and keep you informed about open house events. And if you discover your ideal residence, a real estate agent will help you craft an aggressive offer to purchase this house.

Let's not forget about a real estate agent's homebuying expertise, either. If you ever have concerns or questions during the homebuying journey, a real estate agent can respond to them. That way, you can gain the insights you need to make an informed home purchase.

Simplify the homebuying journey Ė use the aforementioned tips, and you should have no trouble finding and acquiring your dream house.




Categories: Uncategorized  


Posted by N.B.Taylor & Co., Inc. Realtors on 1/21/2019

When you are ready to buy a house, it pays to plan ahead to conduct a successful house search. That way, you can quickly and effortlessly navigate the real estate market and make your homeownership dream come true in no time at all.

Ultimately, you don't need to be a real estate expert to navigate the housing market like a pro. To better understand what it takes to complete a successful house search, let's take a look at three tips to ensure you can seamlessly go from homebuyer to homeowner.

1. Create Homebuying Criteria

If you plan to purchase a house in the foreseeable future, it helps to establish homebuying criteria. By doing so, you can enter the real estate market with a plan.

Think about where you want to reside. For example, if your goal is to live in the same small town as your family members and friends, you may want to hone your house search to properties in this town. Or, if you want to own a house that is close to your office in the city, you may want to pursue residences in or around the city itself.

Consider what differentiates your dream house from an ordinary home too. Thus, if you want to own a home that boasts an in-ground pool, dazzling garden or other distinct features, you should include these criteria in your homebuying strategy.

2. Get Pre-Approved for Home Financing

Lenders can help you get pre-approved for a mortgage prior to launching a home search. Then, you can establish a budget for the homebuying journey.

There is no shortage of mortgage options available, regardless of your credit score, income and outstanding debt. If you meet with banks and credit unions, you can learn about different mortgage options and select a mortgage that is sure to serve you well.

Of course, when you meet with lenders, don't hesitate to ask questions. Lenders employ friendly, knowledgeable mortgage specialists, and these professionals are happy to help you make an informed mortgage selection.

3. Hire a Real Estate Agent

A real estate agent can help you simplify your home search. In fact, with a real estate agent at your side, you can boost the likelihood of finding a terrific house at a budget-friendly price.

Generally, a real estate agent understands what it takes to pursue a home in any city or town, at any time. If you employ a real estate agent, you can get the help you need to accelerate your quest for your dream residence.

A real estate agent usually learns about a homebuyer's goals and maps out a homebuying plan. He or she sets up home showings and keeps a homebuyer up to date about new residences that fit a buyer's criteria. And if a homebuyer wants to submit an offer to purchase a residence, a real estate agent will help this buyer craft a competitive proposal.

Ready to buy a house? Use the aforementioned tips, and you can streamline your search for your ideal residence.