Thursday, December 19, 2019 / by Vanessa Saunders
Global Property Systems operates as a real estate team for our buyers and sellers in the Hudson Valley. We are structured this way because the benefits for clients of working with a real estate team are many. Clients benefit from the knowledge and wisdom of many skilled professionals who bring their own area of expertise and specialization. There are many facets to the process, and working with a team can make buying a home extremely efficient. Teams also excel in one vital area, helping first-time home buyers.
Here’s how we help newbies and how teamwork can improve the home-buying experience for those going through it for the first time.
First we teach.
1. First-time buyers can be a challenge, but we find them great to work with because of their excitement and enthusiasm. First time buyers are usually full of questions, making us more teacher than realtor.
Early in the process, we schedule a sit down meeting to educate the buyer on the different fac ...
Wednesday, May 8, 2019 / by Vanessa Saunders
If you're interested in buying a house in the Hudson Valley but don't have 20% of the cost of a property to put down to qualify for a mortgage, don't worry. According to the National Association of REALTORS, "There are thousands of down payment assistance programs around the country and many of them offer funds to relatively high-earning households, in some cases those earning as high as 200 percent of the area median income." More often than not lenders and banks will require private mortgage insurance (PMI) for home buyers when making less than 20% down payment.
That being said, buyers should realize that that making a low down payment will not likely result in a higher interest rate. They should also be aware that PMI increases mortgage costs with little benefit to the buyer. Private mortgage insurance is required by a lender to protect THEM, not the buyer if anything happens that compromises repayment of the loan.
PMI is a form of mortgage insurance that's often required of les ...