You are welcome to call me on my mobile phone at 703-472-4824. I'm a full time real estate agent who has lived in the Gainesville/Haymarket/Catharpin area for more than 30 years. It would be my pleasure to show you any properties in this area or Ashburn so you can compare the communities and decide for yourself. My clients live in each of the neighborhoods in Northern Prince William County and the Ashburn area and none are dissatisfied.
Prosperity Realty LLC
14088 Sullyfield Circle Suite N
Chantilly, VA 20151
Let's consider this ~ renting is like paying someone else's mortgage and basically when the market gets improved only and only the owner get the whole benefit out of it with increased value. I come across this PMI concern with a lot of buyers these days, with PMI rates back to normal (they have been decreased for sometime) that sure is a concern, but we should be looking at a bigger picture here!! Home prices are still great and the good thing is that they are on a steady incline so you would surely make a good investment if you buy now with or without PMI and interest rates are great as well.
There are some options available to avoid PMI but when you consult a lender ask for different options and also get the fully stated estimates so you can compare programs side by side - I usually sit with my clients and look at estimated statements together so I can point out the differences and explain them.
Home buying is such a great experience and when the market is right ~ why not go for it??
Hope this information is helpful to you and let me know if you'd like to sit with me to understand the process and look at different options.
Happy Buying ~
Faiza Alvi - RealtorÂ®
Prince William Realty, Inc.
MILLION DOLLAR CLUB - PWAR 2011
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
Here's my thinking. First off, it's quite a chore to save such a big pile of money. Once you've done that, you may not want to throw it all into a house when you can keep it safe in the bank.
Secondly, borrowing is cheap today, and may not be cheap tomorrow. The Fed is intentionally forcing interest rates down below market values, and that may not continue in two years.
Now, a lot of people will tell you that if interest rates go up, prices will come down, and while that makes perfect sense, it's really really really difficult to see a time over the past 70 years when prices went down because interest rates went up.
Finally - I think we learned from the recent crash that the people who had put their own money into the deal lost it (for a while, at least), and the people who put a minimum down lost the least. From a societal standpoint, of course, it's better if we all put our own money into the deal. From a personal standpoint - if the economy were to falter, would you rather lose the bank's money or your own money?
All the best,
It is best to find a home that you can comfortably afford without needing to have the PMI removed, which with new FHA rules, will no longer occur. Effective April, an FHA loan with PMI will keep PMI for the life of the loan. If you want to look at ways to save, consider a community without an HOA or buying a lower priced home
I'm currently working with a couple of great clients who just qualified for a no PMI program. One is a No PMI 100% loan and another is a no PMI with only 3.5% down.
If you're interested, I'd love to talk to you more about them and introduce you to these lenders. No obligation for anything else moving forward unless you wanted to.
Hope to hear from you!
If you are on a conventional loan with PMI, you can always refi when you do have enough to get out of it. That's what I would recommend. Waiting to avoid PMI could cost you more in the long run as interest rates will start to go up.