WHAT IS MIP & PMI?
When buying a home, it is easy to get confused with all of the tricky real estate wording that is involved in the process. Making sure that you understand each part of the real estate process can help to ensure that you are buying the right house for your lifestyle and budget. One of the most important steps in the real estate process is making sure that you have the right loan. The Federal Housing Administration was created to provide insurance to banks to cover approved loans, allowing more people to qualify for a loan. If you meet certain loan standards but do not have enough money for a down payment, you will be required to pay mortgage insurance premiums, or MIPs. You will be required to pay MIP until the loan is refinanced or satisfied in another way. Another option for people who meet loan requirements but do not have enough for a down payment to qualify for a loan is by paying private mortgage insurance, or PMI. The PMI will provide the insurance protection for the loan if the borrower is not able to pay the mortgage. For all of your real estate needs throughout Northern San Diego, contact the real estate professionals at The Alan Shafran Group. We can help guide both buyers and sellers through the entire real estate process.
Making a Good Offer on the Home of Your Dreams
Making an offer is one of the last steps in the home buying process. It lets the seller know that you are interested in the house and can start the negotiation process. There is no standard percentage below the asking price to make an offer, making it more of a guessing game. Working with a real estate agent can help ensure that you make the best offer and increase your chances of getting the house. It is important that you do not make on offer that is too low, since you can risk insulting the seller who may decline to work with you. If you are very serious about buying a particular house, hire an appraiser. They will be able to give you a better estimation of the home’s value. You can also do this after making an offer, but make sure to stipulate it in the purchase contract to let the seller know. For all of your buying or selling real estate needs in Northern San Diego, contact the real estate experts at The Alan Shafran Group. We can help you through the entire home buying process and help to ensure that you make the right offer on the home of your dreams.
San Diego Real Estate Trends
The current real estate market trend in San Diego has been seeing improvements in the past months. This is not only good for current homeowners, but also for those who are looking to invest in the market. The median sales price of homes in the San Diego area was $460,000, which shows an increase 7 percent from April 2014 to July 2014, or a median increase of $30,000 for each house. This increase is much better than the just 3.3 percent increase of median home sales in the same time frame of the year before. The week ending in July 23 had an average listing price for homes in the area of $763,891, which was an increase of 4 percent compared to the week before, and an increase of 4.1 percent compared to the week that ended on July 2. For all of your real estate needs in the Northern San Diego area, contact the real estate professionals at The Alan Shafran Group. We can help your find the home of your dreams in the area, or help you sell your house at the right price.
Categories
Recent Posts
