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Montgomery Real Estate For Sale:2556 Jasmine Road Montgomery, AL 36111

Tuesday, September 21, 2010
by The Hat Team

Montgomery Real Estate For Sale:2556 Jasmine Road Montgomery, AL 36111

MLS#278313 

Live like a Hollywood star in this unique home built around a courtyard and pool and said to be a replica of Andy Williams' winter home in Palm Springs. All rooms enjoy gorgeous views of sparkling water and/or a lovely flagstone patio, newly installed. From the gleaming black granite counters in the kitchen to the like-a-new-home expanded master bath to the indoor grill and icemaker in the butler's pantry/utility room, no expense has been spared to make you want this incredible house for your next home. Public spaces and amenities enable gracious entertaining, and the unusual design allows for extreme privacy when you desire. Owners' recent upgrades are extensive and will make your life in this home a trouble-free dream! Indulge yourself...see this one now and hold onto your heart!

Learn more about 2556 Jasmine Road and other Montgomery Real Estate by visiting HatTeam.com. 

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Changes Coming To FHA Mortgage Insurance Premiums

Thursday, September 16, 2010
by The Hat Team

Congress has authorized FHA to change the amount charged to borrowers for both the Up Front and the Annual Mortgage Insurance (MI) premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all FHA case numbers assigned on or after October 4th, 2010.

Here are the six things you need to know about these changes if you are buying a Montgomery home:

  1. montgomery homeThe MI premium changes apply to purchases, regular refinances and streamline refinances only (reverse mortgages have different MI premium changes).

  2. The current Up Front MI premium is 2.25% of the loan amount and the new Up Front MI premium will be 1.0% of the loan amount for all standard FHA programs.

  3. The current monthly MI premium is .55% and the new monthly MI premium will be .90% if the Loan-to-Value is GREATER than 95% on 30 year loans. Since most buyers put only the minimum 3.5% down this applies to most loans.

  4. The current monthly MI premium is now .50% for Loan-to-Values EQUAL to or LESS than 95% on 30 year loans and the new monthly MI premium will be .85%.

  5. The Annual premium is now .25% for Loan-to-Values GREATER than 90% on 15 year loans.
  6. There is no monthly MI premium Loan-to-Values EQUAL to or LESS than 90% on 15 year loans.

FHA is still a fantastic loan program and appropriate for many Montgomery home buyers to qualify as FHA is more lenient on credit scores than conventional loans. The reduction in upfront MI (which is typically financed into the loan) is terrific since this was a big chunk of the down payment. However, the hike in the monthly MI will definitely make conventional loans with Private Mortgage Insurance more attractive again for those buyers who can qualify for either loan option.

Future Increases

This new law also gives FHA the authority to raise the Annual MI premium, at will, up to 1.5% for Loan-to-Values at or below 95% and 1.55% for Loan-to-Value more than 95%. If that were to occur, FHA loans would be far less competitive than conventional PMI.

If you have questions about the changes to the Up Front and Annual MI premiums and how it will impact your Montgomery home purchase or refinance, please feel free to give me a call so we can discuss over the phone.

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Montgomery Real Estate For Sale: 330 Finley Avenue Montgomery, AL 36104

Tuesday, September 14, 2010
by The Hat Team

Montgomery Real Estate For Sale:330 Finley Avenue Montgomery, AL 36104

MLS #278156

You get the best of both worlds in this recently and completely renovated Garden District home. If you love big rooms, high ceilings, turn of the century architectural features such as ceiling to floor windows and coffered ceilings, this one will definitely steal your heart. Plenty of room for your family and friends to spread out; from the oversized living room, to the front parlor, central gathering room, formal dining room, and of course the kitchen (typically everyone's favorite place to be.) In addition to a huge laundry/utility room there is a 12x7 pantry that's as large as most bedrooms (and could swing as home office or playroom for kids.) Downstairs master suite is awesome with huge walk in closet and a 12x15 bath that would make any "new construction" home envious. Ample room on the 2nd floor with 3 bedrooms a large full bath, and a recreation area at the landing. Off the Breakfast room is a nice private deck for grilling and lounging. Shared driveway leads to detached 2 car garage.

 

Learn more about 330 Finley Avenue and other Montgomery Real Estate by visiting HatTeam.com.

 

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Tips For Buying Montgomery Real Estate Foreclsoures

Thursday, September 9, 2010
by The Hat Team

Although the term “foreclosure” generally has a negative connotation, for many home buyers/investors the purchase of such a property can be attractive due to the discounted price. Because a foreclosure sale frequently is more time-consuming and often offers less buyer protection, it is necessary to take the following steps to assure that the process will go as smoothly as possible.

foreclosureIdentify foreclosure properties: First, check with a REALTOR who is familiar with such offerings in the Montgomery real estate market. Then ask your bank about any holdings they may have. A third source is the web. Simply enter REO’s and the name of a specific lender, such as Bank of America, Citibank, Chase, etc. Other available sites charge between $20.00 and $50.00 per month to search foreclosures on a continuing basis for potential buyers (see www.BankHomesDirect.com or www.RealtyTrac.com ).

Protect yourself:

  • Get a home inspection. Many foreclosed homes are in poor condition and may be without appliances and utility services. Often these properties have been vacant for long periods of time and have been damaged by poor weather conditions and no upkeep. The lender offering the home hasn’t lived in it and is therefore unable to make a full disclosure about its true condition. For these reasons, a complete inspection by a qualified professional is crucial.
  • Obtain title insurance. This will protect you from any unforeseen liens against the property or any claims by previous owners.
  • Hire an attorney. You will benefit from the expertise of a lawyer familiar with foreclosures. Legal services provided may include drawing up a contract with protective escape clauses or representing your interests in case of a dispute. Go to www.BestPropertyLawyer.com to find a Montgomery real estate attorney,
  • Use the services of a REALTOR experienced in dealing with foreclosures. A knowledgeable realtor will guide you through a sometimes complicated process, prevent you from making mistakes, and save you headaches and frustration.

Follow the requirements of the lender in a timely manner: Expect the lender to ask for a full disclosure of your finances; some may even require you to get mortgage approval from their institution. At the least you will have to supply proof that your financing is guaranteed. It is also recommended that you submit a clean offer, keeping in mind that most foreclosure properties are offered “as is” and at a 20%to 30% discount. Bargaining for a better deal may result in no deal at all.

Learn more about Montgomery real estate and foreclosures.

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