What is PMI?

PMI is Private Mortgage Insurance and is often attached to a mortgage that is greater then an 80% Loan to value. It can be expensive, but it can also be removed if your property has appreciated in value. Here's the facts that I found on http://www.mortgagequestions.com/:

Can Your PMI Be Removed?
The Homeowners Protection Act of 1998 gives you the right to request cancellation of the private mortgage insurance (PMI) premium that is added to your loan payments. If you do not request cancellation, the law also provides rules for automatic termination of PMI. The law applies to mortgage loans on single family, primary residences originated on or after July 29, 1999 where the borrower is paying the cost of the PMI.For loans closed prior to July 29, 1999, different requirements may exist. To learn about these requirements, email us below.
What is Mortgage Insurance (MI)?
For loans insured by the Veteran's Administration (VA), mortgage insurance ("MI") is typically required on all loans, regardless of down payment. It cannot be cancelled until the loan is paid in full. For loans insured by the Federal Housing Authority after July 1, 1991 mortgage insurance is typically required on all loans based on your **original Loan to Value (LTV) and must remain on the loan until FHA requirements are met. Effective for all loans closed on or after January 1, 2001, most FHA loans will have a provision, which will allow for automatic cancellation of MI when the Loan to Value reaches 78%. For more information regarding your FHA guidelines please contact your local FHA Homeownership center.Mortgage insurance is different from other types of insurance purchased by a borrower and should not be confused with credit life, property, or casualty insurance. Homeowners cannot file a claim against the policy.
What is Private Mortgage Insurance (PMI)?
PMI stands for Private Mortgage Insurance. It is required for all conventional loans when the home buyer puts less than a 20 percent down payment against the **original value of the home. PMI protects the lender against the possible default or foreclosure of the mortgage. This type of insurance is different from other types of insurance purchased by a borrower and should not be confused with credit life, property, or casualty insurance. Homeowners cannot file a claim against the policy. How can I remove PMI from my monthly payments?PMI may be cancelled when certain conditions are met; however, these conditions are specific to your loan, state statutes and lender investor agreements. Some conditions that may determine whether PMI can be dropped from a loan are as follows:
Your Loan To Value Ratio (LTV) Typically this is the loan amount divided by the original value of the property. The lender may allow for current value to be used for PMI removal in some cases.
Age of Loan There is no minimum aging requirement for PMI removal when the original value is used in determining the appropriate LTV.*
Delinquency Your loan must reflect a good payment history and should be current.
Written Removal Request Your request for cancellation must be in writing.

If you have more questions let me know by visiting www.TalktoTyler.com

What Should I Fix First?

Whether we are in a booming market or a slow market, keeping your real estate in good condition can make all the difference. Everyone has different styles and tastes but here are a couple things you might want to consider if your renovating your home or looking to sell in the near future.

First of all, the beauty of home ownership is that the home is yours and you can do whatever you want to with it. When I purchased my current residence in Havertown, the place was a disaster. When I first walked in the front door to this center hall colonial, I looked down to find a 4 ft by 6ft hole in the floor with a piece of plywood laying over top. I soon found out that the current owner had actually cut a hole through the floor so that their relative, and soon to be tenant, could fit his couch into the basement. Beyond this small flaw, the center hall was painted blood red, dark army green and pink. While I could see the incredible potential the home had, I wouldn't recommend going to these extremes with your own home. With this in mind, here are a few suggestions that can make your home both very attractive to you and the general public.

Start Cheap

If you've just bought a home or are thinking of selling, the last thing most people want to do is spend a lot of money. You want to maximize your dollars potential and easiest way to do this is by cleaning and painting.

Cleaning
Yes, as simple as it sounds, people don't realize the power of a clean house. Wipe down the floors, baseboards, stairs...you name it. Don't forget the light switch covers and radiator covers. If your home has old rugs, pull up a corner and see what the floors look like underneath. You might be surprised to find some great looking hardwood with inlays of walnut, especially if the home was built in the early 1900s. Pulling up carpets and shining the floors is in style and can really change the appearance of a room.

Painting
If you've just moved into a house a fresh coat of paint does wonders. Make sure to use a good primer first, (Kils works really well) especially since it will seal out any funky smells that may be lingering in the home.

If your preparing to sell your home, painting will also have a dramatic effect. No matter what your style, neutral earthy colors are in. Shades of tan, yellow, sage green, all look great and keep the rooms bright and looking big. Go with a flat finish on the walls and glossy white finish on the trim work. When your done you'll probably want to stay another couple years.

Also, don't be afraid to switch it up from room to room. Most paint stores have three color combinations that look great. It will give your home a designer feel with very little effort.

Kitchens & Baths
If there are two areas that can really improve the value of you home, its your kitchens and baths. They are typically the most expensive rooms to renovate, but if done right, they will pay off. While high quality cabinetry is often very expensive, anaylze your situation before you purchase. If this a starter home and your only planning on being there for a couple of years, don't go nuts. I priced out my kitchen at a specialty cabinet store and they came up with a price of $16,000.00 just for the cabinets!! Then I went over to Lowes, I found identical cabinets that priced out to $4,800! Its not cheap, but if your diligent, you can really save a lot without loosing the look you want. Another secret, if your thinking short term, is to check out Ikea. While I'm not a big fan of the stores products, their cabinetry is excellent and very inexpensive. They have a bunch of contempary styles, but if you go with a more traditional look, you won't be disapointed. I recently renovated this kitchen to the right with Ikeas white cabinetry.



That's all for now but if you're looking for more tips check out http://www.talktotyler.com/

The Right Price Sells

205 N. Lexington Ave., Havertown, Pa 19083

Welcome to the Beautiful N. Aronimink Section of Haverford Township

• Listing Price: $405,000.00
• 3 Bedrooms (including Master)
• 2 full baths
• Large Detached 2 Car Garage
• Family Room
  

2401 Pennsylvania Ave. 20 B-22, Philadelphia
Welcome to the Philadelphian's 20th Floor

• Listing Price: 279,900
• Large 1 bedroom Condo in the Art Museum Area
• Renovated Kitchen
• New Windows and HVAC System

For more details please visit my website at http://www.talktotyler.com/

One of the questions I get all of the time is "How's the real estate market?" As my blog is it just beginning to grow, I hope that you'll find my market anaylsis clear and correct. As my main market is located in Havertown (Haverford Township), many of my references will come from my home town, however my work extends throughout the region and I'm happy to answer any specific questions on any area around the Philadelphia Region, East of the Delaware River.

Buyers Market

The hot summer days have brought many homes onto the market, placing buyers in a strong position. With plenty of homes to choose from, buyers are taking their time and hoping to see home prices fall. However, when beautiful homes come onto the market, they don't seem to last more then 30 days. Like in most markets, its tough to keep anything on the market that's priced right.

For sellers, the story remains that many are attempting to find a value that is beyond their neighborhood's sales. While we all love our own homes, a good realtor will help you establish the correct value for your home, as it will save you time and money in our current market. Buyers have so many options that they know when a home is overpriced and when its priced to sell.

Here are a few recent examples:

739 Hathaway Lane, Ardmore, Listed by Tyler Wagner
Listing Price: $244,900
Sold Price: $240,000
Days on Market: 21 days





















1507 Robinson Ave., Havertown, Listed by Tyler Wagner
Listing Price: $289,900
Sold Price: $286,000
Days On Market: 18 days