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What is PMI?

Having a traditional down payment of 20% isn't something everyone can do when buying a home. There are many loan options out there for you that don't require 20%.  We work with a few different lenders and each have a different product to offer. So it is beneficial to talk to a few to see what would work best for you and your situation. 

PMI is a form of mortgage insurance that is required, if you are purchasing a home with a conventional loan and have under 20% percent down payment. There isn't a set cost of this montly mortgage insurance.  This insurance is to protect the lender. Your credit score and your actual down payment amount will determine your premium each month. 

MIP (Mortgage Insurance Premium) is the same type of insurance when purchasing a home with an FHA loan. 

There is a difference between PMI and MIP.  PMI can be cancelled once your reach 80% equity in your home.  MIP often requires you to refinance as the way to eliminate the MIP. 

If you have any questions on PMI or MIP give us a call at 480.369.0072.  We have a few lenders for you to speak with on how you can begin to purchase your next home!

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 Do you live in a buyers or sellers market?

Here is our 85086 zip code in North Phoenix. Inventory has dropped quite a bit this summer. Still have a slight sellers market here.

Remember Real Estate is local, comment with your zip code and we will generate a report for your neighborhood! #finninzechgroup#tramontocommunity #northphoenixhomes #phoenixhomes#cavecreekhomes #carefreehomes #anthemhomes

 

 

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 Is now the best time to sell?
 
 
 
 This is a question we get a lot. What is the best time of year to sell? Well that depends on each market, but there are consistent factors that impact buyers each year.
 
Here in Phoenix you can see a year over year trend in selling real estate. For instance, the first of the year brings a new perspective. With the holidays behind us, buyers are on the move. Home inventory and price of homes tend to rise. While days on market decrease. All good for sellers.
 
As we move into late spring and summer, buyers are becoming more concerned with with the end of the school year and the planning of summer vacations. So moving into summer, we tend to see, home prices and inventory fall, while days on the market increase.
 
Bring on back to school. August and some of September are quiet as buyers get back into their routines. But late September through Thanksgiving you can begin to see a slight rise again in inventory and sales price.
 
But as we get into December we have seen a few types of buyers, ones that want to be in a new home before the end of the year. And others are focused on the holidays and their families. Bringing their focus again to the new year and a new home.
 
One important thing to remember is it only takes one buyer. It is when they find the right home at the right price at the right time they need to buy. Consider your own needs when selling.
 
We are here to help. Lets meet to discuss your selling needs and find out when the best time to sell is for you.