Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices
March 28, 2010 by Mark Madsen · Leave a Comment
Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the two valuations […]
Five Myths About Home Values
March 28, 2010 by Mark Madsen · Leave a Comment
A few years ago, when home values were just going up, most homeowners did not question appraisals much. It was the best of times. Over the past two and a half years, home sellers and even listing agents quite often question and pick apart appraisals. It was the worst of times. A Tale of Two […]
Why Do I Need Mortgage Insurance?
March 28, 2010 by Mark Madsen · Leave a Comment
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage […]
What’s The Difference Between A Single Family, Second Home and Investment Property?
March 28, 2010 by Mark Madsen · Leave a Comment
When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. […]
