David Saks: August 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3570


Most every buyer needs it if they put less than 20% down on a mortgage.

Lenders usually require a downpayment that equals 20% of a property's value before you can refuse private mortgage insurance or PMI. PMI is basically an indemnity that will protect your borrower's lender against the cost of a foreclosure in the event that one occurs.

When a lender is insured against this type of a loss it makes it possible for them to accept a lower downpayment from the buyer.

This helps the buyer out also so they don't have to come up with as much money at the closing table.

Basically, the private mortgage insurance is providing what the equity of a larger downpayment would have covered satisfying the lender's need to blanket any possible lossess in the event of a foreclosure.

How does PMI work for your clients?

I think it's for the life of the loan now, in some cases !

What are the rules?

David Saks

Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • August 04 2014 06:50PM
Real Estate Practice : Lesson 3570
Most every buyer needs it if they put less than 20% down on a mortgage. Lenders usually require a downpayment that equals 20% of a property's value before you can refuse private mortgage insurance or PMI. PMI is basically an indemnity… more
Real Estate Practice : Lesson 3569
People are losing their homes everywhere because of some bad schnooks that call themselves lenders, mortgage brokers, appraisers, home improvement contractors; people who give bad names to those who legitimately, lawfully and… more
Real Estate Practice : Lesson 3568
Let's say that you've agreed to sign for a mortgage with terms that look acceptable to you. When you get to the closing table the lender gives you some papers to sign that include additional charges for 'credit insurance' or 'other… more
Real Estate Practice : Lesson 3567
When your clients move to a new neighborhood their kids may be entering new schools as well. Usually, children entering private and public shcools have to meet four basic requirements for admission : 1. Proof of required… more
Real Estate Practice : Lesson 3566
We all know that lenders may sell mortgages to investors. But did you know that the interest rate that a lender charges a borrower for a loan might be less than the yield or the rate of return that an investor wants from their… more
Real Estate Practice : Lesson 3565
It's simple. Ask for leads. Leave your business card. Your name. Your number. All the other contact information that you can provide with the postman, your neighbors when you run into them at their gagrage… more
Real Estate Practice : Lesson 3564
How can you possibly close a sale if you don't believe in yourself? Don't we want to impart things to our buyers that reflect our own levels of confidence? How can there be a closing without the conviction to close firmly embedded… more
Real Estate Practice : Lesson 3563
Is it true that all buyers have weaknesses that need exploiting? When your buyer says that he or she doesn't want the place are you motivated enough to keep going? Do you believe that just because your client resounds with "… more
Real Estate Practice : Lesson 3562
What is this beast? It's adverse possession. Adverse possession is a means of what we would call, involuntary transfer of property An individual can make a claim to a property take possession of it and take the title… more
Real Estate Practice : Lesson 3561
The reconveyance deed is an instrument used by a trustee to give back a title to a trustor. When a loan secured by a deed of trust has been satisfied and paid off the lender will contact the trustee on the deed and request that the… more