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Mortgage | Gwaltney Group | RE|MAX Results Blog

Wednesday, June 19, 2019   /   by Brian Ness

What You Need to Know About Private Mortgage Insurance (PMI)

Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
What is PMI?
Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.
Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio &ndas ...

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  mortgage insurance

Tuesday, June 18, 2019   /   by Brian Ness

Why Is So Much Paperwork Required to Get a Mortgage?

Why Is So Much Paperwork Required to Get a Mortgage?
When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you. Furthermore, it requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any other time in history.
1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage.
During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure th ...

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  afford mortgage, mortgage, mortgage tips

Wednesday, August 15, 2018   /   by Brian Ness

Couple’s Guide to Buying a House Together

Part of being in a relationship with another person is the milestones you two will share together. One of the biggest milestones a couple will experience together is buying and moving into their first home. Buying a home is a difficult decision for one person to make on their own, but when trying to reconcile the needs, wants and expectations of two people, things can get complicated rather quickly. To help guide you through the buying process, here are four tips that will make sure to keep you and your partner happy.

Set Your Priorities
The first, and most important, step to buying a house together is to sit down and really evaluate what each person wants and needs in their home. Buying a house is not a fleeting decision and once you settle on a new place to call home, you can expect to call it home for a while. Any decision you make together should keep that in mind. The best advice here is to be honest with your partner. Only after expressing your big expectations can the ...

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  first time buyers, home buyers, first time home buyers, afford mortgage, budgeting

Sunday, April 1, 2018   /   by Clark Jones

The first step in the buying process

So you've decided to buy a home.  Perhaps you're tired of renting or your current home just doesn't suit your needs anymore.  Perhaps you have a life event that may have pushed you toward this decision.  Whatever the case may be.  Well, this article will help  to jump start your buying process.  

The mistake that too many new home buyers make is they want to immediately jump into looking at homes. They've made the decision to buy and are super excited to start.  This can be a monumental mistake.  Why?  Too often people are in "la-la" land or in a fantasy world and want to visit homes that they think are pretty cool on line.  They've always wanted a big home.  They've always wanted a huge kitchen or perhaps a large yard.  So they see the home of their dreams on line, call a Realtor who they don't even know or have interviewed, and next thing you know they're standing in this beautiful home.  The Realtor asks them ...

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  first time buyers, home buyers, mortgage, mortgage tips, how much can i afford

Gwaltney Group of RE/MAX Results
Robin Gwaltney
4123 26th St. NW
Rochester, MN 55901
507-259-4926

The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Gwaltney Group of RE/MAX Results are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2019Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated June 24, 2019