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When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. 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). Freddie Mac defines PMI as: An insurance policy that protects the lender if you are unable to pay your mortgage. It is 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 have 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 10%. For first-time buyers, that number dropped to 5%, while repeat buyers put down 14% (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 is 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:  |
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Do You Know Someone Looking To Buy or Sell? |
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It is a common misconception that a real estate agent primarily learns of someone looking to buy or sell a home when someone simply calls an agency looking for an agent to help them. Although this can happen, it is very rare. In fact, over 80% of the referrals I receive come from past clients and past coworkers just like you. The other 15-20% of referrals comes from our national network of relocation companies and other Coldwell Banker agencies across the country. The greatest compliment I can receive is when someone like you refers me to a friend, coworker or family member of theirs. If you, or someone you know, are looking to either buy or sell a home then I would certainly appreciate the opportunity to earn your business. Do you know of someone looking to buy or sell a home?  |
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Contact Brad Gough |
Bradley Thomas Gough Associate Broker  12401 Old Meridian Street Carmel, In 46032 Email brad@btgough.com Mobile (317) 590-3571 Office (317) 844-1131 Website www.btgough.com      |
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Charities Supported |
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There are so many great charities out there that and it is very hard to decide what to donate to. My wife Elissa and I have been very fortunate and have a good life. We simply can't donate to everything, however, we are very passionate about several different causes. We are sustaining members for the following organizations and encourage each of you to donate in any way you can to a cause that you are passionate about too. 
The American Society for the Prevention of Cruelty to Animals 
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