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…
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…
LakeWeissAlabama.com Real Estate Services is GROWING!
All because of the large number of sellers and buyers that have put their faith in me to handle their real estate needs. Since we first opened in 2011, LakeWeissAlabama.com Real Estate Services has become the go-to place to list and sell real estate in Cherokee County, Alabama and Lake Weiss. So what is left to do? Expand the operation!
First, we hired our daughter Heather Myers after she completed her real estate studies and obtained her Alabama real estate license. Heather moved to Cedar Bluff from Dallas, Georgia and she is holding her own in real estate sales and listings. I am proud to report that Heather is taking a liking to Alabama and has already made Lake Weiss her new home.
Heather is a mother of two and over the years has proved herself to be a skilled internet marketer. Heather is a member of the Etowah-Cherokee Association of Realtors and the Huntsville, Alabama MLS. Click Here to check out Heather's website.