purchasing a home in lexington ky: PMI: Money Down the Drain - 09/08/14 04:06 AM
Money Down the Drain  
Private mortgage insurance is necessary for buyers who don’t have or choose not to put 20% or more down payment when they purchase a home.  It is required for high loan-to-value mortgages and it provides an opportunity for many people to get into a home who otherwise would not be able.
The problem is that it is expensive and a homeowner’s goal should be to eliminate it as soon as possible to lower their monthly payment and avoid putting good money down the drain.
FHA loans made after 6/1/13 that have 90% or higher … (0 comments)

purchasing a home in lexington ky: Every Renter Should Know - 07/14/14 01:17 PM
Every Renter Should Know

purchasing a home in lexington ky: Fifteen Will Get You Three - 07/07/14 12:09 PM
Fifteen Will Get You Three  
Freddie Mac chief economist, Frank Nothaft, says that affordability, stability and flexibility are the three reasons homebuyers overwhelmingly choose a 30 year term.  However, for those who can afford a higher payment, there are three additional reasons to choose a 15 year term: save interest, build equity and retire the debt sooner.
First-time buyers have a higher tendency to use a minimum down payment and are very concerned with affordable payments.  It is understandable that the majority of these buyers select 30 year, fixed-rate mortgages.
Consider a $200,000 mortgage at 30 year and 15 … (2 comments)

purchasing a home in lexington ky: Making Good Offers Better - 06/30/14 12:56 AM
Make Good Offers Better  
It’s disappointing, frustrating and sometimes, discouraging when you lose a home you want to buy.
One of the hardest lessons for today’s buyers is that writing an offer doesn’t mean that you’ll get the home or even a counter-offer.  The low inventory affecting many of the housing markets requires a different strategy to give you the best chance to get the home you want.
Make your best offer initially; you may not get a chance to accept a counter. Submit a written pre-approval letter from the lender. Increase earnest money above what is considered … (3 comments)

purchasing a home in lexington ky: PMI: An Unexpected Expense - 06/23/14 02:13 PM
An Unexpected Expense  
In a study released by TD Bank, 65% of buyers with mortgages that required mortgage insurance said the higher monthly payment was more than they originally expected.
Private mortgage insurance is required on loans that exceed 80% of the home’s value.  For conventional loans, the premiums range from 0.5% to 1% annually.  The PMI could add close to $100.00 a month to the payments on a $200,000 mortgage and over $200.00 a month on a FHA mortgage.
FHA has two components to its mortgage insurance which includes an up-front charge on closing of the loan … (3 comments)

purchasing a home in lexington ky: Changing the Lock is Key - 05/08/14 05:57 AM
Changing the Lock is Key There are times when you need to change the locks on your home to protect your family and possessions. It should always be considered when you move into a new home; when keys are lost, stolen or unreturned; or a cleaning or other service provider hasn't returned the key.
Replacing the lockset would give you a totally new mechanism that should work better and if you go back with the same manufacturer, you'll probably avoid any carpentry. You can order the locks online and have them work with the same key at no extra … (1 comments)

purchasing a home in lexington ky: The American Mortgage: What a Deal! - 05/06/14 04:03 AM
What a Deal! A 30 year fixed-rate mortgage hasn't always been the standard. As part of FDR's New Deal in 1934, the Federal Housing Administration was created to help Americans purchase homes with affordable terms.
Prior to then, many loans had an amount due at the end of the term called a balloon. Most mortgages had adjustable interest rates even though some might be fixed for a short time. While banks would loan money on a home, they retained the right to call the note due at any time which could exert considerable stress on borrowers.
FHA, during … (0 comments)

purchasing a home in lexington ky: Consideration could be the key to your new home - 05/05/14 05:50 AM
Consideration could be the key to your new home  
Consideration associated with a contract is generally thought to be the price and terms but being sympathetic and courteous towards the seller could make a difference in getting the home you want.
Business people, like store owners, expect to deal with customers and even become to expect behavior that might not be accepted in a purely social atmosphere. Homeowners, on the other hand, may not be aware of what to expect.  They are opening the sanctity of their home to the public for review and criticism.  Buyers may … (0 comments)

purchasing a home in lexington ky: Is the Window Closing? - 04/07/14 10:50 AM

Trey McCallie, Excellence in Real Estate since 2003 (Tate Daniels Concierge Real Estate)

Trey McCallie

Excellence in Real Estate since 2003

Lexington, KY

More about me…

Tate Daniels Concierge Real Estate

Address: 802 Sunset Dr, Lexington, KY, 40502

Mobile: (859) 312-7599

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