When you review your mortgage statement every month you are reminded of something called mortgage insurance. For a FHA loan it is called MIP, Mortgage Insurance Premium. Removing MIP on a FHA loan is a different animal than removing it from a conventional loan. Market appreciation does not enter into the equation at all. To see what option are available, continue reading.
What a year 2021 turned out to be! And now our focus turns to 2022 and what changes we’ll see in the Phoenix real estate market. Predictions are always difficult but identifying the underlying driving factors is a good place to start. Let’s review what happened in 2021 in the Phoenix real estate market and a 2022 market forecast.
It all started with searching the internet for that dream house, then getting prequalified and uploading bank accounts, tax returns and more. This was followed by viewing properties day after day, then submitting an offer, probably multiple offers to get the house you want. Not that you endured that process, you finally got the keys and it’s time to schedule the long awaited move-in. If you’re wondering if that’s the end of the road read on. There are a few more things to do after closing.
One of the three water ski lakes in Gilbert is Playa Del Rey Estates, a short 20 minutes from Sky Harbor Airport. Another reason to give this lake community further consideration is it offers a wide range of recreational water activities. While other ski lake communities are specifically designed for slalom skiing, Playa Del Rey Estates allows jet skis, wake boarding, kayaks and paddle boards. It is the shortest ski lake community in the Phoenix area.
Let’s say you’ve decided that you don’t want to worry about the landscaping for a single family home, and in addition you don’t need a mega-mansion in the suburbs so you turn your interest to a condominium or townhouse. Now the question becomes, what is the difference between a townhouse and condominium and does it affect anything else such as financing. Or is it simply an architectural issue? Well you may want to read on because it’s deeper than that.
Private Mortgage Insurance (PMI) is required on a conventional loan when the down payment is less than 20% It will be removed once the equity on the home reaches 22% based on the original value. However, there are different ways to eliminate PMI sooner rather than waiting for the equity to build up based on the original price or value. Keep reading to find out ways to remove PMI without refinancing soon that you thought was possible.
Gilbert is a 69 square mile town in the southeast valley in Phoenix. Gilbert is consistently a top rated town in various polls that cover the best places to live, community safety and outdoor living. With the fast paced growth, it has a more updated and modern feel, priding itself on being a family friendly place to call home.
Things to Know When Moving to Phoenix Arizona
Arizona consistently ranks high for states that receive many new residents relocating from other states. I relocated almost 25 years ago and suddenly finding myself in one of the largest metropolitan cities in the US, There was a lot to get use to. Here are some things that those moving to Phoenix should know.
Why is earnest money necessary for a real estate transaction? It is a deposit given to the title or escrow company indicating that the buyers are serious and have skin in the game. It also gives assurance to the sellers since upon a breach of it will most likely be given to the sellers as compensation for taking the house off the market. How does a buyer keep from losing the earnest money, read on.
Housing Market Review and Predictions
We are now entering the post pandemic real estate market and there is a mountain of speculation what it will look like. The word “crash” is used frequently as well as “bubble”. As the economy returns to as normal as it can under the current economic and government policy, buyers and sellers will be anxious to see if there is any balancing in light of what appears to be a severe housing shortage. In this post we’ll review the 2021 housing update and prediction for the rest of the year.