FIrst-time homebuyers in Virginia put every realtor and lender through the “google” test. That means young people immediately search your name and see what you’re all about. Sure, everyone has a profile on a company website, but here are two smart ways to impress even the toughest 20-something: Create profiles on Trulia and Zillow. You may have seen the Read more about First-Time Homebuyers Will Google Real Estate Professionals[…]
You may have heard the media call first-time homebuyers the “ME ME ME” generation. And it’s true: they like to tell the world about their accomplishments and milestones. What better milestone than purchasing a new home! Here’s what to do: make sure you take pictures of Millennial clients at the closing table. Then, you need to send Read more about First-Time Homebuyers Want to Feel Special During the Homebuying Process[…]
PMI and MIP insure the lender for any losses suffered if the borrower defaults on the payment. They are typically included in a monthly mortgage payment.Private Mortgage Insurance (conventional loans): The lender cancels PMI when LTV (loan to value) reaches 78% or 22% equity in the property. Loan to value means the amount borrowed in proportion to the current Read more about Complicated Terms, Simple Definitions: PMI and MIP[…]
What happened: In early March, the House of Representatives passed a bill to protect homeowners from major increases in their flood insurance premiums. Read more here from CNBC. What it means to home buyers: The bill would limit annual increases of individual flood policies to no more than 18 percent under the National Flood Insurance Program. Further, home buyers will now pay a Read more about House Passes Bill to Protect Homeowners from Flood Insurance Premiums[…]
Back in January, the Consumer Financial Protection Bureau (CFPB) released a set of rules designed to make home loans safer and involve fewer surprises. The CFPB has now introduced the concept of a “qualified mortgage,” which means you meet certain criteria and prove your ability to repay the loan. With a “qualified mortgage,” you avoid unnecessary borrowing risks, and lendershave limits on how much Read more about CFPB Unveils New Rules to Make Home Loans Safer[…]