 Is now a good time to buy a house or condo???? |
| I dont really understand housing market, but is this correct? --if house are depreciating wouldnt now be a good time to buy a house cuz (sooner or later) the houses will appreciate, and proabably ... |
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 My landlord thinks that she has the right to come over and inspect the house we rent at anyoint....? |
| our lease says nothing about why she can come over and we want to know if it is legal for her to come over at anytime and inspect the house without anyreason. she also makes no effort to call ahead ... |
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 I'm being sued for rent when there was no type of lease agreement. Can someone give me advice on what to do? |
| A friend of mine found a job in another state, and did not want to sale or loose her home. So I told her I would live there and make the payments for her. We had no type of lease agreement. I ... |
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 Brought a house 2 months ago did a inspection but know find out the basement walls leak can I go after seller? |
| There are alot of other things wrong that I know the seller had to know about. So far I have spent cost to $2000.00 in repairs. I have heard of the lemon law for cars and wonder is there anything ... |
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 Notice to vacate? |
| I live in an apartment in Texas. I was given a three day "notice to vacate" warning today by my landlord. This is because I owe them about $240 in back rent and charges. (My actual rent is $... |
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 Im about to purchase a house. Brand new built home for 191k, before 250k. Should I wait some more? |
| 1st time home buyer. I waited till the bubble bursted. Found a great deal in California but I dont know if I should wait some more.... |
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 Will the landlord allow me to renew my lease over my roommate? |
| I have been on the lease a year longer than him. When the current lease expires, I won't sign it with him, as I cannot continue to live with him. But, I would really like to continue living in ... |
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 I have no air-conditioning in my apartment? |
| I have no air conditioning in my Washington DC apartment. The temperature is reaching record highs of 98 /99 degrees with the humidity making it feel like 104/105. Sleeping is next to impossible. Is ... |
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 Can an apartment complex require photocopy of your Driver's License before showing unit? Why do they need it? |
Can an apartment complex require photocopy of your Driver's License before showing unit? Why do they need it? In this age of ID theft isn't this just asking for trouble?
Additional D... |
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 My Landlord gave me notice I have to leave at the end of this month. Can she do that? |
| On Nov. 8, my landlord told me I have to leave at the end of this month because "Relatives" are coming to move into the apartment. She also said she's going to use my security deposit ... |
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 Again, how to tell my girlfriend she should pay half the rent and other expenses? |
| She just moved in, permanently. I love her to death, however I think we should split the costs - so far I've been paying the mortgage, monthly assesment, utilities, etc. I do not know how to do ... |
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 Should landlords be required to put peep holes in all of their tenants' doors? |
| I realize it's not a law, but whenever someone comes to my door, I cannot tell who it is unless I open the door. I don't like to open the door unless I know who it is, so I just don't ... |
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 Can you explain renting to own a home? |
We are selling and friends with no down payment want to buy and mentioned rent to own....Any info?
Additional Details
All will be legal with lawyers agents etc.... |
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 The buyer for my house wants to use a certain title company should this matter to me? |
| he said it will be cheaper even for me but its one that he likes and has worked with. we're doing everything without a realtor because we already made an agreement to eachother! so does his ... |
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 If heat is included w/ rent but it runs off electricity (which I pay), should the rent be lower? |
| Ok, so my landlord has the old hot water heaters that run along the floor as backup in my house. Soon we will be using a kerosene space heater as the main heating source, but it plugs in where our ... |
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 90% mortgages for people with adverse credit - is it possible? |
| We have a poor credit history due to stupidity - but have a good income and are chipping away at our debts (have little of it left and all will be paid off at the end of the year). Could we get a 90% ... |
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Happily Ever Us! | When purchasing a new home...do you have to keep Mortgage insurance for 5 yrs? |
If you have no lates....is there a break on how many years? |
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LT
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Don't know for sure about all places but I have never been required to have mortgage insurance and don't know of any place that does require it.. The only reason to have the insurance is if you die, can the person you want to keep the house pay for it? If no and you don't want them to lose it.. get mortgage insurance. |
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rhsaunders
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Not necessarily. Ordinarily, mortgage insurance is required until you have 20% equity in the property -- which may take less than five years, or considerably more, depending on the market. |
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visvardis
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the break comes when you reach 20 percent equity |
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ojkevil
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I believe you have mortgage insurance until you have 20% equity in your house - either thru cash or real estate appreciation |
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S S
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Your Mortgage insurance, or PMI, must stay in tact until you have 20 percent of the mortgage paid off or in equity. |
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~girlfriday~
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You have to carry it until you have 20% equity. This usually takes longer than 5 yrs. though. |
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The Cat thinks he's GOD
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Once the value of the property rises and your principal loan balance is less than 80 percent of that new value, you can get the bank to take the mortgage insurance off. See if a realtor can do some comparables for you first and then you'll have to pay for an appraisel. Contact the bank to find out their exact procedure once you get under that 80 percent loan to value mark. When you signed your papers, there is a document that gives a bit of explaination on how this works. You do NOT have to keep it on for the full five years. |
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Angela B
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You need to look at the addendum for this clause. In most cases, you have to keep the mortgage insurance (also referred to as PMI) until the value of the house is 80% of the loan value. So, if you purchased the house for $100,000, you would need to keep the PMI until the balance is $80,000. Now depending on where you live and how much the house appraises for, this could be a lot less than 5 years. My husband and I purchased an $80,000 home that appraised at $112,000 so we didn't have to get the PMI. |
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Didi Jean Marie
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If the home you plan on buying is a condominium and you get a FHA loan, you will have to pay PMI for the life of the loan, it is not based on equity.
This rule only applies to FHA loans when buying a condo. |
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Holly R
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Gosh no. If you only have 10% to put down, the bank is going to caluclate the original loan to value amount based on the purchase price...regardless of what the home appraises for. If you are buying a foreclosure, or a home priced well below appraisal, all you need to do is refinance in 3 months. The new Loan to value will be calculated off of the appraisal. If there is additional equity in the house (say you make some repairs or whatever the case may be) and your new loan is less than 80% loan to value...then the insurance will go away. |
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bobby d
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You mena PMI? I think you have to keep it untl the loan-to-value is 80% or less |
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markmyword
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If you have an FHA loan, yes, you have to hold it for 5 years (although your MI is about half what it would be on other types of loans). At that time your loan balance has to be less than or equal to 78%. For other types of loans, 80%. Making timely payments does not reduce the time you have to pay MI. |
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carpediemmaster
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I've never carried it. |
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