Reprint From CFPB
What is private mortgage insurance? Answer:
Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan.
PMI is arranged by the lender and provided by private insurance companies. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required. How do I pay for PMI?
There are several different ways to pay for PMI. Some lenders may offer more than one option, while other lenders do not. Before agreeing to a mortgage, ask lenders what choices they offer.
The most common way to pay for PMI is a monthly premium. This premium is added to your mortgage payment. The prem…
Land/Lots Sales Cherokee County 2017
How did land and lots fair during 2017 in Cherokee County? Below you will find a report that details the sales numbers for each category.
So, why are numbers important? It is important for consumers to understand statistics so they can be informed and make good business decisions. Land has long been considered as a speculative investment and made only by the wealthiest of investors. When Weiss Lake was first developed in the early sixties much of the land was purchased by investors hoping to see their investment increase over a period time. Most received a handsome reward for their risk and some are still waiting for that return.
What needs to be understood about land is that unless you have a long term plan for it's use or an immediate short term use, vacant land (and I'm talking specifically about Cherokee County, Alabama) doesn't seem to have the same appeal as an "investment" as it did prior to 2007. The building boom…
By: Roger Griffeth Lake Weiss Recreational Properties What is a recreational property? I suppose anyone you ask would have a different way to describe "Recreational Property", however, for the purpose of buying and selling real estate around Lake Weiss the following is an attempt to provide an explanation as to how LakeWeissAlabama.com Real Estate Services qualifies "Recreational Property" otherwise know as "Rec Lots" or "Deeded RV Lots". First of all, one must understand that the land mass immediately touching Lake Weiss is under the management of Alabama Power. Alabama Power owns the 17,850-acre easement surrounding the 30,028-acre reservoir which was constructed in the late 1950's. As a general rule, the flood easement extends to 572 feet above sea level at some locations around the lake and 578 feet above sea level in other areas. There are pages of Alabama Power Restrictions that detail what can and cannot be built, or even temporari…