What You Need to Know About Private Mortgage Insurance (PMI) Courtesy of Utah Realty
Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
What is PMI?
Freddie Mac defines PMI as:
“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.
Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”
As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:
“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.”
According to the National Association of Realtors, the average down payment for all buyers last year was 13%. For first-time buyers, that number dropped to 7%, while repeat buyers put down 16% (no doubt aided by the sale of their homes). This just goes to show that for a large number of buyers last year, PMI did not stop them from buying their dream homes.
Here’s an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:The larger the down payment you can make, the lower your monthly housing cost will be, but Freddie Mac urges you to remember:
“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”
Bottom Line
If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions and help you make the best decision for you and your family.
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Home Prices Coming In for a Soft Landing
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Interest Rates Twelve Month Low
https://bit.ly/2T4yeXH
Owning a home is a great way to build family wealth
https://bit.ly/2SXqPta
3 Tips for Making Your Dream Of Buying A Home Come True
https://bit.ly/2E5yKKF
Housing Crash in Utah
3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...
first time buyer?
Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074
How To List Your Home for the Best Price
How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...
4 Questions to Ask Before Selling Your House
Why It Makes No Sense to Wait for Spring to Sell
Why It Makes No Sense to Wait for Spring to Sell The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item...
The Difference Having a Professional on Your Side Makes
The Difference Having a Professional on Your Side Makes In today’s fast-paced world, where answers are a Google search away, there are some who may wonder what the benefits of hiring a real estate professional to help them in their home search are. The truth is, with...
Utah Housing Loan Changes
Did you know? Utah Housing has made some changes to our Loan Programs; these changes will become effective with Mortgage Purchase Agreements (interest rate locks) issued on or after February 11, 2019. https://utahhousingcorp.org/ HomeAgain: May include an...
Buying a Home this Year?
Utah Realty Market Statistics for December 2018
Housing Market Statistics for December of 2018
Average Home Mortgage Rates Over Time
With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years. Rates are projected to climb to 5.0% by this time next year according to Freddie Mac. The impact your interest rate makes on your monthly mortgage...
The best time to sell in Salt Lake and Utah County
https://bit.ly/2D0WkZv
Question??? Want to get the most money from the Sale of your Home?
Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips! Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house? Here are two keys to...
Year End Single Family & Condo Home Sales for Utah 2018
Utah Realty Magazine January 2019
Enjoy Magazine January 2019 Utah Realty PDF Version
Top Renovations to Complete Before Selling
Where is the housing market going in 2019
Selling your home The Sweet Spot
Happy Holidays A Home of your own is the best present
Happy Holidays! A Home of your own is the best present ever! https://bit.ly/2Rz3NUA
back to a normal housing market in 2019
https://bit.ly/2RhAntY
Five Reasons To List Your Home During the Hollidays
Utah Realty Intro
Best of the West Award Utah Realty
The Difference an Hour Will Make This Fall
buying a home can be scary
Fall Winter Millennial Guide to Home Ownership
Will Home Prices Continue to Increase
There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational...
Preparing your home to sell
Wondering what your home is worth? Click for a free no obligation Market Value Range
Home Ownership is for All Generations
Salt Lake County Homes for Sale Low Price to High Price
Enjoy October
Is your Moving Company Safe?
Find out on this Federal Website if the Moving company you want to use is safe. Moving Company Nightmare Courtesy of KSL.com KSL Investigates: A moving company nightmare
Utah Home Buyer
https://bit.ly/2P9JsEb
Home Affordability Factors
https://bit.ly/2P552tr Don't tell anyone but here is the secret link to daily home updates! Click Here How does my home compare to my Neighbors? Find out at Home Value
Buy now or Wait
https://bit.ly/2NgbA6L Call us today to talk to a Master Certified Negotiation Expert & Certified Residential Specialist! Find out your options. ITS FREE TO ALL CONNECT UTAH MEMBERS Text or Voice Marty @ 801-205-3500 Laurie @...
New Shift in The Real Estate Market
National Hottest Real Estate Markets
Salt Lake City used to be one of the hottest real estate markets in the country, but now is ranked No. 116 out of 300 metros in the month of August, according to Realtor.com. Salt Lake is a "slightly hot" market that is "cooling down." Median...
Where are Interest Rates Headed 2019
https://bit.ly/2QXMa0O
Where Are Interest Rates Going?
https://bit.ly/2QXMa0O
Days on Market April to June of 2018
Hot Sellers Market is Cooling of as Fall Approaches Stats are for April, May, and June of 2018 Secong Quarter of 2018 (April-June) An article in Realtor Magazine. The fall season is cooling down more than the temperature outside; it's also putting a...
What Are New Home Prices Doing in Utah
Four Reasons to Sell This Fall With Utah Realty
Real Estate Reality Show Myths
https://bit.ly/2w14Wve Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House...
What does Backup Offer Mean
Please keep in mind that most listing status changes must be made within three (3) business days of the date the status change occurs, with the exception of listings which are Canceled (change within 24 hours) and listings which are Sold (change within 5 business...
Mortgage Lending Video 2
Now that you're ready, it's time to get Pre-Approved. Let's take a look at how that works! Find the Right Lender for You! Our Trusted Lenders
Closing The Sale Video 5
Your offer got accepted, CONGRATULATIONS! But don't start moving in yet, there is still the Escrow process which takes an average of 30 days but can be as long as 6 months or as short as 3 days! Our Title People are Real Super Heroes!
The Offer Video 4
It's everything you dreamed of! The perfect size, ideal floor plan, prime location, you have no problem calling this "Home" .... except it's not your's yet. Let's get into the Offer and Negotiation Process! Here's a little tip. Find a real certified...
The Home Search Video 3
Time to start your home search! The best way to get homes you like is to use our Exclusive Home Search Tool! We Bring You Newly Listed Properties When Ever any Broker or Agent in the State Lists a Property!
Buying a Home in Utah
Sometimes I don't use all 8 of my Designations my friends >>>.... But sometimes I do! Don't settle for less go with the Best! Martin Gale, MCNE, CNE, CPRES, CRS, ABR, CDPE, SFR, EPRO. OVER 30 YEARS FULL TIME EXPERIENCE [video...
The Mortgage Process
Finding the Right Lender is so Important! Find an Experienced Loan Officer Head over to our Preferred...
Knowing When You are Ready to Buy
Using a Master Certified Negotiation Expert Will Get You the Best Deal! UtahRealtyPlace.com/buying Watch for Episode 2 Tomorrow!
Millennials Rock
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5 Reasons
https://bit.ly/2OKMAGR
Utah Realty Ribbon Cutting – Grand Opening
Utah Realty celebrates it's Association with the West Jordan Chamber of Commerce Celebrating 32 years of success!
Find An Experienced Realtor
87% of real estate agents fail in the first 5 years of entering the industry, according to The National Association of Realtors. 75% of you fail in the very first year, according to NAR. Ouch! Those numbers are sobering for sure, but they are...
6 Tips Before Selling Your Home
Inventories in Utah, Davis, Salt Lake, and Wasatch on the rise again
Taking an inventory of active homes across the Greater Wasatch Front today. As of July 31st we have 8846 active single family homes for sale. Number of units are up from 8436 single family units last month. An inventory increase of 5%. This is from all of the...
Highest Median Prices in Salt Lake County
Article courtesy of Salt Lake Board of Realtors Salt Lake County home prices continued to climb in the second quarter of 2018, according to the Salt Lake Board of Realtors®. The median single-family home price in the April-through-June period increased to...
Ribbon Cutting Utah Realty
https://bit.ly/2Aq5ZcQ
Top of the Pack – not in the pack # 1 Utah Real Estate Agent
2019 to 2023 The next 4 years
What is Utah Real Estate Going to do in the next 3- 4 years? If interest rates creep up to about 5% the inventories will fatten up and prices will either adjust down ever so slightly or remain the same for the next 18 months. A giant elephant in the room, no one seems...
Americans Rank Real Estate Best Investment for 5 Years Running
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Resizing rightsizing retiring
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Want to Sell your Home? Find the Right Listing Agent in Utah
Selling Your Home 2 ways to get the best price
https://bit.ly/2NGjPtl
12 most common mistakes an administrator or executor can make during probate and how to avoid them
If you need help with a family estate we have the expertise and certification in this field. I you just are getting starting with the probate process or are 90 days in. We're here to guide you. Are main focus is the sale and liquidation of the real estate assets in...
Five steps to know about the mortgage process
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First Time Buyers
Find the best Negotiator for your first home! https://utahrealtyplace.com/marty-gale https://bit.ly/2uoF4Jg
Staging Your Home
https://bit.ly/2ukhv43
So Jo Summer Fest
https://youtu.be/KOYCC-gOwTg
Find a Real Estate Professional
A professional is defined many ways in real estate. Find a professional that has been certified. Look for a CRS or a MCNE. UtahRealtyPlace.com has Marty Gale who is the only Realtor in the State of Utah with Both. https://bit.ly/2tQ0QF9 Unlock...
Recession 2020 Predicted
Will this Affect Utah? What do you think? https://bit.ly/2tWJO7O
4 Reasons to Sell Your Home This Summer
Tuesday Topic About Utah Real Estate
https://youtu.be/PKVkXtJBgC4
Down Payment to buy a home is lower that you think
https://bit.ly/2yGgMPh
Utah Home Affordability
Using a Master Certified Negotiation Expert makes it even more Affordable. Utahrealtyplace.com https://bit.ly/2yuqHYb
Bangerter Highway Future Utah
Bangerter Highway Future Utah
What’s Happened To Home Prices In Utah
For Sale By Owner
Just think if you hire a Certified Residential Specialist that is a Master Certified Negotiation Expert! Last I checked the only on in the State of Utah is Marty Gale with Utah Realty. If more buyers see a home, the greater the chances...
Are options for kids important when buying a home?
https://bit.ly/2Mp7cmB
Business plan for commercial startup
To access the business plan template go to www.sba.gov. Please call if you have questions (801) 205-1600. Search for Commercial Real Estate in Utah Your link for Commercial Real Estate in Utah Laurie Gale - Commercial Realtor
When is a Good Time to Rent?
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cost of renting vs buying may surprise you
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4 Reasons Why Summer Is a Great Time to Buy a Home in Utah!
https://bit.ly/2LYYeMH Utah Market Updates! State Wide Active Listings have trended up 10% since last month. Salt Lake County Active Listings rose from 1909 active homes for sale in Salt Lake County to 2157 active homes for sale. Utah County...
Amazing Dream Kitchen Ideas
Utah Home Inventories Up – Time to Get in the Race To Purchase
Buyers, Is it time to get in the race? Available home inventories are up as a State wide whole. From March to April inventories rose 6%. As we just entered the summer home sale season inventories are on the rise again as of June 2nd their are 7956 single family homes...
Buying a Home Summer 2018
Why Summer is Great to Sell your Home
https://bit.ly/2LFiR0r
Memorial Day Tribute
https://bit.ly/2IR6mkr
Free Home Magazine
Real Estate Matters Blog Utah Realty provides solid content for readers who want to learn more about the market and Utah real estate. Join Our Newsletter Stay current on Utah Real...
For Sale By Owners Leave Thousands on the Table
https://bit.ly/2IFPtZT https://www.simplifyingthemarket.com/en/sellers/?a=405191-bf9ce7799899cf839e0bf0e261497d3e
Whats Up With Interest Rates?
https://bit.ly/2LkYR2R https://www.simplifyingthemarket.com/en/buyers/?a=405191-bf9ce7799899cf839e0bf0e261497d3e https://www.simplifyingthemarket.com/en/sellers/?a=405191-bf9ce7799899cf839e0bf0e261497d3e
Interest Rates Impact on Utah Homes
https://bit.ly/2IGL990
Utah Realty Blog
Renters Want To Buy Homes in Utah
https://bit.ly/2rR0dud
Access is Important to getting a home sold
https://bit.ly/2GjEsaU
3 Tips of making your dream of owning a home in Utah
https://bit.ly/2G7WVqE
American people in the stability of housing as a long term investment
https://bit.ly/2FXsK5n As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.
https://bit.ly/2jElfHU Utah Realty uses Cory Clayson of Amerispec
How to Pick A Real Estate Agent
How do I Pick a Real Estate Agent? 25,371 People with an Active Real Estate License ( Anyone that passes the State Test) 14560 People that are Realtors in Utah (These people need to adhere to a stricter code of ethics and belong to Utah Real Estate...
Housing Price Increase Puts Utah in the Top Ten
Utah ranks in the Top 10 states when it comes to the highest percent change in house appreciation, according to the House Price Index by the Federal Housing Finance Agency. The report noted that Utah home prices have appreciated 46.03 percent in the past...
Waiting to Buy a Home In Utah
If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately...
How Much Has Your Value Increased
Do you currently own? Find out how much your home has gone up? Free market Value Report at: https://listings.utahrealtyplace.com/idx/homevaluation Just click and fill out the details of your home and we'll do the rest! https://bit.ly/2KucRXF
May Home Travel Food and Tips
Have all your friends moved away?
higher rates and home prices
Yikes! If you are thinking about buying but are going to wait, you need to read this! Utah Realty - Gale Team https://bit.ly/2HuUTCv
Utah top 5 states for Millennial home ownership
Way to Go Millennials! Utah is one of the top 5 states with the Highest Millennial Homeownership! Find or Sell a Millennial Home here>>>https://utahrealtyplace.com/ We go the extra mile to speak, Text, Instagram your language. Yes I know, facebook...
Getting Ready to Sell My Home, Can I Take My Firearms?
Before moving out of Utah Beware of other States Gun Laws! Read the fine print. If you are moving out of the State of Utah and have Firearms check that State firearm law. Some states will arrest you and charge you for having a firearm in your vehicle....
Get a Master Certified Negotiation Expert in your corner
https://bit.ly/2HYFNq8
How Much do you need to make to buy a home in Utah?
https://goo.gl/7yVLby
Pre-approval is key to offer acceptance
https://goo.gl/4L97Xk
Cheaper to Own a Home Today?
https://goo.gl/kbJBCy
Search Homes in Utah
Now is a great time to check out the market!
midway townhome swiss alpenhof Heber Utah
New Price ! $498,000 Town Home in Scenic Midway Utah Located in the Swiss Alpenholf Planned Unit Development 4775 Square Feet with 4 bedrooms, 3 baths 3 family rooms. Back yard with mountain views. About Midway Midway is a city in Wasatch County, Utah, United...
20 Tips for Preparing Your House for Sale This Spring
https://goo.gl/okk5cA
Utah Realty Place for Residential and Commercial
Existing Home Sales on the Rise
Existing-home sales rose slightly during February after two consecutive months of regression. Total existing-home sales increased by 3 percent last month to a seasonally-adjusted average of 5.54 million, according to the National Association of...
Homekeepr
I am putting together a list of my favorite businesses. If you would like a copy of the list or if you would like to refer or recommend or if you want to be on the list yourself. It's Free. Follow this Link
We are about finding you a Home
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One Hour
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Spring 2018 Ultimate Sellers Guide
Free Expert Home Evaluation [advanced_iframe securitykey="65d612b00c4a9e142a2baed3667b9d4fc85250c7"...
Home Ownership Rates on the rise
Is Renting the Right thing to do?
https://goo.gl/KZbdV4
3D Virtual Tours Now Available
Above is an example of how your home could be presented.
Ultimate Sellers Guide
Free Expert Home Evaluation [advanced_iframe securitykey="65d612b00c4a9e142a2baed3667b9d4fc85250c7" src="https://listings.utahrealtyplace.com/idx/homevaluation"...
MASTER BATHROOM REMODEL
https://realtytimes.com/consumeradvice/homeownersadvice/item/1014870-20180209-lessons-learned-from-a-master-bathroom-remodel?rtmpage=GaleTeam
Mortgage Rates for 2018
https://goo.gl/Pw4cmy
Why Work with a Realtor
8 Reasons Why You Should Work With a REALTOR® Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to...
Salt Lake County Home Prices
[masterslider id="1"] SANDY (Oct. 31, 2017) – The price of a single-family home increased to its highest point ever before, according to the Salt Lake Board of Realtors®. In the July-August-September quarter, the median price of a Salt Lake County...
Realtors with HEART
Helping Families With Home Matters Real Estate With H.E.A.R.T. H onest, Helpful E xtraordinary A chieve, Action, Amazed R ealistic, Remarkable, Responsible, Ready T op Producing, Trustworthy NEVER MISS A PRICE DROP OR NEW LISTING SAVE...
Outdoor Kitchens
5 KITCHEN STYLES TO WATCH FOR
The L-shaped kitchen has nudged aside the U-shaped kitchen to become the most popular layout among U.S. homeowners changing their kitchen layout in a remodel, according to recent Houzz data. And farmhouse style has unseated traditional style for a spot in...
Find Cheap Homes for Sale in Utah
UTAH Short Sales, FSBO, Bank Owned, and Tax Sales Bargains Search bargain homes in Utah now to see the freshest listings of short sales, rent to own and tax sales. Buy from a seller using these creative sales strategies, and you can save you thousands on...
Wasatch County Cheap Homes
Bargain homes and other real estate in Wasatch County, Utah Search Wasatch County, Utah Bargain homes. See information on particular Bargain home or get Wasatch County, Utah real estate trend as you search. Besides our Bargain homes, you can find other...
Utah Realty News & Blog
South Jordan City Leisure Guide
[flipbook pdf="https://utahrealtyplace.com/wp-content/uploads/2018/01/South-Jordan-Leisure-Guide-Jan1_18.pdf"] Here are the events that South Jordan City is planning on for Januarary thru April . South Jordan Leisure Guide Jan1_18
It pays to hire professional Realtors
Do it yourself companies Utah Division of Real Estate HOMIE, INC., real estate brokerage, Draper, Utah. In a stipulated order dated October 18, 2017, Homie, Inc. admitted to offering a variety of services to individuals seeking to sell or buy real estate located in...
Grant Money for Down Payment
Grant Money you don't have to pay back? WOW! We will have several 5K grants that may be applied to the down payment. Grant money will be available in mid-January, so start lining up your clients. There will be a limited number and will be awarded...
Salt Lake County Top 10 Highest Price Cities
Price of Salt Lake Homes Hits New High The price of a single-family home has increased to its highest point ever before, according to the Salt Lake Board of Realtors®. In the July-August-September quarter, the median price of a Salt Lake...
How Long are Sellers Staying in Their Homes?
Welcome Tanna Barker New Associate with Utah Realty
Press Release, Utah Realty is incredibly pleased to announce that Tanna Barker, a new real estate agent has joined our team. We are excited to work with her and know you will be too. Tanna has over 20 years of experience working with...
Salt Lake County Housing Stats for August 2017
Home Sales Tumble as Inventory Wanes
https://gateless.com/articles/get-listings/home-sales-tumble-as-inventory-wanes?CampaignId=492
October Issue of Enjoy Magazine
October Issue Enjoy Magazine 2017
September Issue of Enjoy Magazine
Complements of Guaranteed September Issue Enjoy Magazine Rate
MCNE
Utah has 23 Master Certified Negotiation Experts I am glad to be one of them.
For Sale Town Home 339 N 1400 W Midway Utah 84049
Located west of Homestead Drive. Turn west on to Swiss Alpine Rd. Left on 1320 West. Right on 365 North. Nestled in the foothills of midway with scenic views of Heber Valley and the Wasatch back. This spacious home has a large island kitchen, main floor master suite,...
May Issue of Enjoy Magazine
Divorce and the House
Divorce and the House Often the house where the two of you have lived together will be the single largest asset of the marriage. In most cases, you and your spouse have owned the house jointly, and you owe money on the mortgage jointly. Often one of you will be moving...
Salt Lake City Utah Realtor Real Estate Agent
When searching for a top real estate agent or Realtor in Salt Lake City, Utah is it best to find the most popular or the most qualified? Believe it or not there is a difference. You can find the guy or gal the advertises on the radio constantly and try to get in...
Homes For Sale Sandy Utah
Find Homes for Sale in Sandy, Utah See 10 of the newest listings for sale in sandy Utah Sandy Utah Homes for sale in Sandy Utah start in the low $100,000's with several homes in Sandy selling in the millions. There are between 150 and 500 homes for sale in Sandy...
Benefits of a FHA Mortgage In Utah
A low down payment. Lower credit requirements. More purchase power. The many benefits of an FHA mortgage may surprise you! [pdf-embedder url="https://utahrealtyplace.com/wp-content/uploads/2017/04/The-Benefits-of-an-FHA-Loan.pdf" title="The Benefits of an FHA...
Utah Homes For Sale
Statewide residential listings for Utah. Utah Real Estate Listings. Displayed are Residential homes. Our website contains ALL listings from ALL Real Estate Agents in the state. Map of all the active homes in the MLS. These properties come and go fast! Check our site...
Homes for Sale in Utah
Utah Homes For Sale, Utah Real Estate with Utah Realty Find homes in Utah for Sale right here. The most and the newest listings from the MLS, Wasatch Front Regional Multiple Listing service. Free State wide list of homes for sale.
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