When you hear advertising for REVERSE End Mortgages and the lender says you must buy mortgage insurance to cover your loan if you can’t pay for it. Bull!
1. Before some PMI (private mortgage insurance), the home must go into foreclosure.
2. When getting loans that seem like a terrific deal, ask questions, before it becomes too late.
3. If you try to sell your home and prices are still low and your offer to purchase your home is not what you as a seller wants, ask your lender about a short sale. This means what is due against the loan. Sometimes this is doable and can be worked out and if you were told to buy PMI insurance it’s with the understanding it is a great deal for you––wrong. This is only if you can sell the home.
4. When you go searching for a loan, just remember that if you use a secondary market that is used for a lesser down payment or no down payment, the mortgage on your home is sold after 90 days or whatever pleases your lender. It could sell three to six times more (change lenders). You, the original lender, never know or you could get lucky and not be sold at all. But if it is sold, remember each time your loan changes hands, the previous lender needs to file a release at the recorder’s office in the county your property is located in, so when you choose to sell, it goes smoothly.
There probably isn’t a person who at one point in time in their life that doesn’t want to own a home! But here is some food for thought. Try the lenders in your hometown and make sure you are comfortable with the loan and the terms.
If you choose to go online or go elsewhere, check with someone who has used that lender.
I have used lenders outside of home boundaries and I interrogate them to make sure they are the quality we need to be using.
Ask every question possible when going to purchase a home, when using PMI and make very sure you don’t have to be homeless and sitting along the street or in a tent or your car, when the air has cleared.
Buying a home or an investment property is still the American dream, but make sure it’s your dream and you have good results.
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