Top 10 real estate posts of the day for 3/3/2010

Here is today’s list of top real estate posts of the day.

1) Just When You Thought It Was Safe… – Once again Elizabeth Newlin thoroughly entertains as she educates. I personally wish she wrote more, her stories are so entertaining when she does. Good education in here for those looking to purchase Short Sales.

2) What is LPMI? – What is lenders paid mortgage insurance? It is an alternative to PMI you may want to consider.

3) Home Shoppers Unlikely to Obtain Estimated Good Faith Estimate – HUD wanted the GFE to be a tool to rate shop, but because lenders are locked into what is on the GFE (and things change quickly) they are reluctant to give one out.

4) If you think a real estate transaction is easy, think again. – Funny how timing works, I was sitting at the Pub N’ Grub last night with another agent discussing this very issue over beers.

5) Let Uncle Sam Pay to Replace Your Drafty Windows – You have until the end of the year to make energy saving upgrades in your house and get a tax credit. Here is a good post on tips for replacing your windows. The only part I don’t like is the headline, Uncle Sam isn’t paying you squat, it is the tax payers in the country that are. But the program is out there, I would take advantage of it if you need upgrades.

6) Hate your real estate agent? Here’s why! – I found this very interesting, the market condition seems to be tied to ones satisfaction with their real estate agent.

7) CREATING LEADS VERSUS CONVERTING LEADS – Great piece on the difference between generating leads and making them customers. You need to find what works for you and concentrate on that.

8) What’s ‘Good’ Leverage? Maybe Not What You Thought – This is what I love about Jeff Brown, he takes your common perception of investing and spins it upside down. He makes you question everything you thought you knew about investing.

9) The Dubious Resting Place of TARP Funds – So where did all that TARP money go? The answer may (or may not) surprise you.

10) Multiple Offers, 2010 Style… – We have been dealing with it for a year now in the Tempe/Phoenix area. Sounds like other parts of the country are now facing the same thing.

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Mortgage insurance: Do I need it? What is PMI? Do FHA loans have PMI?

The idea behind mortgage insurance is relatively simple: an insurance entity agrees to insure against default on a loan in exchange for premium payments.

The insuring entity may be a “private” mortgage insurance company or a government entity, but the company that issues mortgage insurance is not a lender.

Conventional loans use Private Mortgage Insurance – also known as PMI

When you buy a property using conventional financing, you will be required to put down a 20% down payment or purchase private mortgage insurance. When you have mortgage insurance on conventional loans, you can usually get your lender to drop your private mortgage insurance once you reach a 20% equity point in your property – and conventional loans allow for property appreciation when making the calculation. [Read more...]

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