Jan. 18, 2018

What is PMI and how does it work?

Kevin Miller of Fairway Mortgage has provided us with some information on PMI. Read about it here and feel free to reach out to him with any questions!

When purchasing a home many loan programs will require Private Mortgage Insurance or PMI.  While this may have different names, such as Monthly Insurance Premium or MIP, a term used for FHA loans; or Annual Fee, a term attributed to USDA loans, each has to be addressed.

If a borrower chooses to use a Conventional/Conforming loan program (loan under $453,100 in size) they will need to carry PMI on the loan IF they do not put down at least 20% of the purchase price.  The amount of the monthly PMI is factored based on the loan to value (amount borrowed in relation the purchase price) as well as the credit score.  Meaning, the closer to 20% down, the lower the PMI.  

The benefit of Conventional/Conforming loan is that PMI can be removed from the loan in the future.  The standard trigger point for the PMI to drop off the loan payment is the point at which the balance of the loan is reduced to 78% loan to value.  Ex. $200,000 purchase price, loan remaining balance reaches $156,000 or less.  The Conventional/conforming loan type carries this option when the property is a PRIMARY residence only.  Therefore, secondary/vacation home and investment properties will carry PMI for the life of the loan. (30yrs, 20yrs, etc.)  

When a borrower looks at FHA or USDA loans these programs carry the monthly PMI for the life of the loan and do not offer the ability to have it completely removed at ANY time.  Additionally these programs carry a secondary type of insurance known as Up Front Mortgage Insurance Premium or UFMIP for FHA and Guarantee Fee for USDA loans.  This secondary type of insurance is what allows FHA and USDA to offer lower rates then the Conventional/conforming style loans.

To read more about Private Mortgage Insurance feel free to review this article here: What is PMI? Or reach out to me at 910-465-2414 or kmiller@fairwaync.com

 

  

Posted in Loan Information
Jan. 16, 2018

Wilmington January 2018 Market Report

In the past 30 days 692 Wilmington homes went under contract, and 274 sold. Homes under contract spent an average of 93 days on market, and had an average list price of $330,768. Homes that sold spent an average of 83 days on market, had an average list price of $288,917 and an average sale price of $280,279. 

Data was pulled on 1/15/2018. Click here for up to date information. 

Posted in Market Reports
Jan. 15, 2018

Under Contract- 212 Paige Hall Court

This home went under contract in just 7 days, in the middle of a snow storm! Wondering what we could sell your home for? Click here for a free valuation, it's fast and free! 

Posted in Under Contract
Jan. 2, 2018

Just Listed- 212 Paige Hall Court

 

Beautiful well kept home in quiet community of Turnstone Plantation in Rocky Point NC. Split floor-plan. Large living area with exposed ceiling beams and a wood-burning fireplace. Upgraded kitchen with staggered cabinets, can lighting, and plenty of counter space. Spacious laundry room with built in cabinets. Ceiling fans in many rooms through-out the home. Deck overlooking large back yard with mature trees. No HOA! Come see all this home has to offer today!

Click Here for more pictures or to set up a time to view. 

Posted in Just Listed
Dec. 26, 2017

SOLD 1408 Robin Hood Road Wilmington NC

Team agent Virginia Yang worked with this seller to get his home SOLD! This adorable brick ranch in Sherwood Forest sold in just 43 days, and during the holiday season!!! This home has an updated kitchen and a large back yard with mature trees, and is in a great central location. Virginia also helped the happy seller find a new home in Leland NC. 

Wondering what we could sell your home for? Click here for a property valuation, it's fast and free! 

Ready to start a search for your dream home? Click here! 

Posted in Just Sold
Dec. 22, 2017

SOLD 761 Heartwood Drive

Team agent Kerie Lord helped these buyers relocate to the area, and purchase their new dream home! 761 Heartwood Drive is a brand new home in Mallory Creek, and the new homeowners are excited to spend Christmas in their new home! 

Kerie was wonderful helping us in our transfer from Pennsylvania to North Carolina.   She is very knowledgeable and helped us understand the areas we were looking in. She explained the towns and their pros and cons, the difference in taxes, HOAs , and even gave us restaurant and shopping   suggestions.  She made the whole process so much easier. G Dalton

If you're looking to purchase new construction, it's important to make sure you have a great buyers agent like Kerie on your side. A buyers agent is no cost to you, but they help make sure your interests are protected every step of the way. We work with a lot of great builders who build quality homes, but it is important to remember that the on site agents represent the sellers interest.  

Ready to start your home search? Click here

Posted in Just Sold
Dec. 21, 2017

Leland December 2017 Market Report

In the past 30 days, 233 homes in Leland North Carolina have gone under contract, and 100 sold.

Of the 233 homes that went under contract, the average list price is $236,234 and the homes spent an average of just 55 days on the market. 

Off the 100 homes that sold, the average sale price was $204,606 and the homes spent an average of 75 days on the market. 

It might be almost Christmas, but homes in Leland are still selling fast! 

Data was pulled on 12/14/17, click here to view an up to date report. 

Posted in Market Reports
Dec. 20, 2017

What is Title Insurance?

Our good friends at Key Title explain to us what title insurance is, and how it benefits you!

What is Title Insurance?

A Title Policy insures the condition of your ownership rights to a certain piece of property. In North Carolina a title examination must be conducted under the supervision of an independent attorney licensed to practice law before a policy of title insurance can be issued. The high standards of education and professionalism required of an attorney to be licensed in North Carolina contribute directly to our having a lower rate of claims than most states that do not require attorneys in the process. The attorney carefully researches all relevant recorded documents affecting ownership of the property being examined necessary to determine the status of the title. The attorney will then submit a title opinion to a title company (we recommend Key Title). Key Title will then issue a "binder" or "commitment" to the lender and owner, which obligates the company to insure the title as described by the attorney, with certain limitations and requirements. A title insurance commitment describes your property in detail and states what limitations, if any, the final title policy will include when the company issues it to you and your lender. Even the most thorough search will not reveal any "hidden defect" that is not shown on the public records. Such a defect may be a problem caused by an inadequate survey, a clerical error, confusion over names, forgery, fraud, unrecorded claims for improvements or numerous other possible problems. Careful attorneys cannot reasonably be expected to discover title problems that are not revealed in the public records. Therefore, the examining attorney is not responsible to you for dealing with these issues when they arise after closing. Without title insurance, you are on your own! Title insurance does not guarantee that title defects do not exist or will never occur. It does insure you against possible losses through certain claims against your title as a result of conditions not revealed on your policy.

Posted in TeamWilmington.com
Dec. 19, 2017

Winterizing your home

If you are leaving town for the holidays, you may want to consider winterizing your home. Although temperatures don't get as cold here as they do other places, pipes have still been known to freeze from time to time.  

According to HomeAdvisor.com it is advisable to leave the heat on very low. Though it might seem like a waste of money or energy at first glance, a minimal heating bill will be less expensive than the cost of potential repairs if everything were to freeze up. There are many systems and components in a house that are meant to be kept at or near room temperature. 

Click here to read the rest of the article and see below for more winterizing tips. 

Stay safe this holiday season! 

Posted in Home Maintenance
Dec. 18, 2017

SOLD 5008 Chandler Heights

Buyers agent Kelly Stegall helped her first time home buyer clients find the perfect home.  Located in the Grayson Park subdivision in Leland, 5008 W Chandler Heights Drive is a a beautiful home that is less than 5 years old! Kelly worked with her clients until they fell in love with this home, and then helped them get to the closing table smoothly. 

I had such a wonderful realtor Kelly Stegall. She was awesome she didn’t push you to buy anything you didn’t want,  she made sure the dream home you wanted. Is what she got you! She was always there to help us with whatever needs and questions we had and we got everything we ever asked for. She   will fight to get you what you deserve and make sure you do not get done wrong or messed over with any deals. We loved her as our realtor and highly suggest if you are looking to buy a home to reach out to her and find the home of your dreams. K Christopher 

Posted in Just Sold