Real Estate Directory

Defaults NODS

According to Realtytrac foreclosures across the U.S. are up 63% over last year.But 1% less than last month. 1 out of every 1,030 U.S. households has been filed for foreclosure proceedings.

This according to their September 2006 U.S. Foreclosure Market Report, which shows 112,210 properties nationwide entered some stage of foreclosure during the month, a decrease of less than 1 percent from August, and a 63 percent increase from September 2005.   

Blog Directories Community

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Its worth signing up. Write me at

invite at SpiderJuiceTechnologies.com

and tell me you want an invite and I will send it to you.

California Real Estate

Oceanside CA has a climate ranked the fifth most desirable in the world and the second most desirable in the entire United States an it is a perfect location year round for both visitors and those who are looking to purchase California real estate. If you are looking for an exciting environment offering a great beach, lots of spas and resorts, fishing expeditions and various watersports, you have come to the right place.

PMI Mortgage Insurance

PMI Removal

Removing PMI Insurance.

When you purchase a home and put down less than 20% you will be required to pay Private Mortgage Insurance (PMI). If you are a high risk buyer, you may be required have PMI until you have a 50% equity position. This is a monthly fee paid to protect the lenders interest in the property in the event you default on your loan. Is it possible to remove it from your loan? The answer is probably. You will need to check your loan documentation and/or call the company to find out what is required for removing PMI. To determine if you have enough equity, take the value x .80 (80 percent). If your loan balance is at 80% or lower, you should be fine. If not, you'll have to wait until the value increases or the loan balance decreases. You can increase the value by making property improvements such as installing new kitchen cabinets, finishing a basement or adding on a room. Once your home has increased in value and you have 20% equity, you will need to make a formal written request to have the PMI removed.

How will I know if the value has gone up enough?

You could go out and get an appraisal but I don't suggest that initially. Most appraisal companies will charge between $200-$400. First, you should call a local real estate agent. Tell them that you would like to get a competitive market analysis of your property. You might also mention the reason you are doing this is to remove PMI. Don't feel uncomfortable about making the call; most real estate agents would be happy to provide this service to you. If you use their service and plan on selling your home down the road, give the agent the opportunity to see what they can do to sell your home.

My lender won't remove my PMI.

Depending on your loan documentation or if the lender is being difficult, you might not be able to remove it. You can always refinance your home to remove PMI, but with a new refinance you will incur all the costs of refinancing which could add up to a few thousand dollars. Analyze the costs of refinancing versus the elimination of the PMI to determine if it will be beneficial to you. I have an FHA loan, can I remove the mortgage insurance? Sorry, with an FHA (government insured) loan, you will be required to make those payments for the life of the loan.