Mortgage Insurance Increase (MIP)

By
Real Estate Sales Representative with Keller Williams Realty Atlantic Shore
http://actvra.in/7HN

April 18th is fast approaching!  The date of the Mortgage Insurance Increase! 

.25 of the loan amount may not seem to be alot, but for the home buyer that is pinching every penny to even reach their dream of home ownership; to increase the MIP seems to be a way of losing that dream!

According to my mortgage representative, in the effort to keep from a flood of FHA applications trying to beat the April 18th deadline, a home buyer must have already had a survey done on the property in order not to be faced with that increase!  As the date gets closer, there maybe even other restrictions applied!

So those who are waiting for that infamous low-priced deal to appear; IF you are qualified for a loan, and are working with a Realtor to find your Dream Home - This Is Your Notice To Get Motivated!  Not to act irresponsibly by contracting for a home you do not desire, but to take the necessary steps to get that home without paying the higher Mortgage Insurace Premium (MIP) !

 Let's Get Moving!!

 

Eilean Foster
Keller-Williams Realty
Atlantic Shore
(609) 602-6699

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Rainer
51,808
Cheryl Malone
Windermere Van Vleet

Yep, things are not going to stay this low forever... people need to make a move before everything starts to increase.  Get going buyers!

April 04, 2011 01:49 AM
Rainmaker
317,661
Jon Quist
Tucson's BUYERS ONLY Realtor since 1996
LONG REALTY

Sadly you are correct and yet buyers must think we make all this stuff up. Most keep sitting on the fence waiting for all the kings men to come prancing by on white horses.

Those of us familiar with racing horses know to bet on anything but a white horse. Bay, sure. Chestnuts, you bet. But white ones, not so much.

Now IS actually a REALLY good time to buy. The deals are out there. Interest is still very low.

April 04, 2011 02:31 AM
Rainmaker
156,500
Eilean Foster
Real Estate Agent
Keller Williams Realty Atlantic Shore

Once I received notice of the mortgage insurance premium increase, I didn't want to believe it either! Afterall, they had just increased it in the last year!  But I contacted a mortgage representaive I trust and she confirmed it!

Since then, I have been like a crazy-woman talking to everyone I meet about this!   Though it does not affect everyone I have told, I surely hope they have passed the information along as I requested! 

Or just had a funny story to tell their friends about a *crazy-woman* who was  acting so passionately about mortgage insurance premiums! 

Let's Get The News Out To The Public!!  Hopefully Home Buyers Will Get Moving and beat the date!!

Eilean Foster
Keller-Williams Realty
Atlantic Shore
(609) 602-6699

 

April 04, 2011 07:42 AM
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Rainmaker
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Eilean Foster

Real Estate Agent
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