What is PMI? PMI stands for private mortgage insurance. It’s an insurance policy that protects a mortgage lender against loss if a borrower defaults on a loan. Who is asked to pay PMI? It varies, but lenders typically require PMI on conventional loans with a less than 20% down payment. How much does PMI cost? PMI cost varies according to many factors, including the amount you’re borrowing, your loan type and term, your credit score and the amount of your down payment. In general, PMI…
Have you seen our latest home buyer guides? These free resources are available to download here (pdf). How to Choose the Right Floor Plan for Your Lifestyle: Would you prefer formal living and dining rooms, or the open layout of a great room and nook? Will your master suite be upstairs or down? Should you finish your basement now, or remodel down the road? With so many floor plans available to today’s home buyers, it can be hard to decide what’s right for you.…
There are many ways to save money on homeowners insurance: bundling multiple policies, buying a new home instead of resale, increasing your deductible, maintaining good credit—and that’s just naming a few. But, did you know that there are also some simple things you can do around the house to protect your pocketbook, as well as your property? The list below is just a starting point. Check with your insurance agent to see which items would make a difference in your individual situation. He or she…
If you’ve been weighing the benefits of buying a new home versus a resale home, New Home Source’s Start Fresh, Buy New website is a must-see. This free resource has loads of information about the pros of buying new homes—everything from a cost-savings calculator and fast facts on home energy efficiency to warranty info, an inspiration gallery and user polls on a variety homeownership topics. Our favorite feature is their series of (often humorous) videos highlighting some of the lesser-known perks of new home ownership.…
Surrounded by the Air Force Academy, Fort Carson, Peterson AFB and Schriever AFB, Colorado Springs is home to thousands of military personnel and their families. If you are one of them—or soon to be—you may be weighing your housing options. Wait for base housing? Rent? Buy? Here are four reasons we think buying a home in Colorado Springs should top your list: 1. VA loan eligibility is one of the perks of the job. If you qualify for a VA loan, you’ve got a head…
