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Property Q&A in Brookfield : Real Estate Advice

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Sat Jul 27, 2013
Chuck Braxton answered:
I think what you experienced is happening a lot to buyers in the Lakes Region of NH. Having become accustomed to properties being on the market for some time, buyers had no urgency to act.

Now it is important to understand that the market has shifted and appropriately priced properties offered for sale by sellers with realistic expectations (the one you liked sold for 92% of asking price) are going to sell much more quickly than in the past few years.

If you have not already done so, get your financing lined up and be ready to act on attractively priced properties. While I still see an occasional seller willing to accept an offer with a home sale contingency, that is also getting much rarer.

All this means that you need to be working with an agent who is responsive and on the assignment for you on a full time basis.

Good Luck,

Chuck Braxton, REALTOR
Roche Realty Group, Inc.
603/677-2154
cbraxton@metrocast.net
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Fri May 17, 2013
answered:
It depends on the type of financing you used to purchase the home and when. Up until recently, both FHA's MIP (Mortgage Insurance Premium) and Conventional's PMI (Private Mortgage Insurance) canceled once the loan balance reached 78% of the home's value. Somewhere in your mountain of mortgage documents there is likely an amortization schedule that shows the mortgage insurance disappearing at some point in the future.

With some private insurance you can also petition the lender to have the PMI canceled. Typically the lender will require an appraisal and for you to be in good standing on the loan. If you have at least 20% equity it will likely be canceled.

Most PMI products also have a minimum period that the insurance stays in effect for, regardless of your equity position so it is important to review your specific closing package,

Recently FHA has changed it's policy with regards to MIP and now requires it to stay in effect for the life of the loan. This has made the portfolio and conventional mortgage products far more attractive for many borrowers.

It is important to work with a mortgage professional who has access and a working knowledge to all of these available programs so that an unbiased recommendation can be made that best fits your specific goals.
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