Is America’s Only Legally Haunted House Actually Haunted?

In the past 30 years, not a single owner of America's sole legally haunted home has reported a supernatural sighting. Is it really haunted? The post Is America’s Only Legally Haunted House Actually Haunted? appeared first on Real Estate News & Insights | realtor.com®.
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6 Home-Selling Rules You’ve Heard Lately—and Should Actually Break

As the real estate market cools a bit from the COVID-19 homebuying frenzy, there are some new rules that sellers should heed. The post 6 Home-Selling Rules You’ve Heard Lately—and Should Actually Break appeared first on Real Estate News & Insights | realtor.com®.
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Where Are Budget-Minded Americans Moving? These 10 Surprising Up-and-Coming Real Estate Markets

Cash-strapped homebuyers looking for bargains are on the move. And they are finding homes in larger cities with strong economies. The post Where Are Budget-Minded Americans Moving? These 10 Surprising Up-and-Coming Real Estate Markets appeared first on Real Estate News & Insights | realtor.com®.
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6 Things That Make the Front of Your House Look Woefully Outdated—and How To Fix Them

Sometimes we don’t see what others do when we look at our home. So when it comes to curb appeal, here are the biggest do's and don’ts. The post 6 Things That Make the Front of Your House Look Woefully Outdated—and How To Fix Them appeared first on Real Estate News & Insights | realtor.com®.
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7 of the Creepiest Things Movers Have Ever Found in Homes

We spoke with professional movers from all over to find out some of the spookiest things they’ve ever found while emptying out homes. The post 7 of the Creepiest Things Movers Have Ever Found in Homes appeared first on Real Estate News & Insights | realtor.com®.
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What Is a Garden Tub? A Hot New Bathroom Amenity Explained

What is a garden tub? Also called a soaking tub, it's a free-standing, oval-shaped tub that's far larger and deeper than the traditional model—and a luxury amenity that's quickly gaining steam. The post What Is a Garden Tub? A Hot New Bathroom Amenity Explained appeared first on Real Estate News & Insights | realtor.com®.
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THE NITTY GRITTY ON FHA LOANS

Local lender Mike Meena of Augusta Financial sent me a helpful guide to what buyers need to know about FHA loans NOW.

FHA charges an upfront mortgage insurance premium UFMIP of 1.75%, which they add to the original loan amount. There is also a monthly PMI charge of .85% if the loan amount is $625,500.00 or below. If the loan amount is above $625,500.00, then the PMI fee is 1.05% if it is above that amount.

FHA PMI stays with the loan for the life of the loan unless you put 10% or more down, and it would release automatically after 11 years!

PMI goes down by .05% if you put down 5% or more. If you put down 20% and get an FHA loan, you will still have PMI!

On a Conventional Loan, your rate is usually a bit higher, but PMI is generally less expensive and much easier to remove.

If you have a good credit score and are putting 5% down, you will have a PMI rate of about .27%, and with 10% down, you could be looking at a PMI rate of .14%. So you can see the rates are lower, and we are basing that on a solid score. So if your score is not super strong, you may pay a little more.

Conventional loans have higher rates on lower scores, and FHA doesn't hit you as hard when your scores are not excellent.

There are three ways to get rid of your PMI on a conventional loan, well, four if you want to get technical.

Pay your mortgage down to 78% of the original purchase price. After 2 years, if you have 25% equity based on a new appraised value and current loan amount. After 5 years, if you have 20% equity based on a new appraised value and current loan amount If you sell or refinance - LOL! Yes, that is getting technical.

I hope this is useful for you.

Yikes! Every Time Mortgage Rates Rise, Buyers Need To Make This Much More To Afford a Home

Only 1 in 4 households can afford the median-priced home at current mortgage rates. Here's how many more get locked out with every rate hike. The post Yikes! Every Time Mortgage Rates Rise, Buyers Need To Make This Much More To Afford a Home appeared first on Real Estate News & Insights | realtor.com®.
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