Kris Gonet-Hall

WHAT IS MORTGAGE INSURANCE AND WHY DO I NEED IT?

Private mortgage insurance and government mortgage insurance protect the lender against default and enable the lender to make a loan which the lender considers a higher risk. Lenders often require mortgage insurance for loans where the down payment is less than 20% of the sales price. You may be billed monthly, annually, by an initial lump sum, or some combination of these practices for your mortgage insurance premium. Ask your lender if mortgage insurance is required and how much it will cost. Mortgage insurance should not be confused with mortgage life, credit life or disability insurance, which are designed to pay off a mortgage in the event of the borrower's death or disability.

You may also be offered "lender paid" mortgage insurance ("LPMI"). Under LPMI plans, the lender purchases the mortgage insurance and pays the premiums to the insurer. The lender will increase your interest rate to pay for the premiums - but LPMI may reduce your settlement costs. You cannot cancel LPMI or government mortgage insurance during the life of your loan. However, it may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount. Before you commit to paying for mortgage insurance, find out the specific requirements for cancellation.

CALL KRIS GONET-HALL 43-204-6099

KRIS.GONET@NEMOVES.COM

RELOCATION SERVICE AVAILABLE NATIONWIDE

How Does the mortgage contingency or any other financial contingency work for me?

Simple:

If it will be necessary to obtain institutional financing for the purchase, the buyers must fall within lender's guidelines to qualify for a loan. Loan packages, mortgage interest rates, points (prepaid interest or administrative fees) and terms vary from one financial institution to another and will be adjusted from time to time. If institutional financing for a purchase is required, the buyer may wish to make an offer contingent upon receipt of a mortgage commitment within a specified period of time. Careful compliance with the exact conditions in a mortgage contingency clsause is crucial.

ALL OFFERS SHOULD HAVE A MORTGAGE CONTINGENCY!!

THAT IS HOW YOU MAKE SURE YOUR DEPOSIT IS SAFE AND RETURNED TO YOU IF YOU ARE UNABLE TO OBTAIN THE LOAN.

CALL KRIS GONET-HALL 413-204-6099

KRIS.GONET@NEMOVES.COM

RELOCATION SERVICES AVAILABLE NATIONWIDE

ZONING IS A FREQUENTLY ASKED QUESTION

BUILDING CODE COMPLIANCE JUST ADDS MORE CONFUSION

Zoning refers to the right of a local city or town to regulate the use of a particular property. It ca include whether the use may be residential, commercial or industrial; the number orf dwelling units which may be located on a lot; the minimum lot size; the minimum amount of street frontage; the minimum distance a structure must be set back from the street, from the side lot line or from the rear lot line. Structures which conformed to zoning at the time they were built may be "grandfathered" in under current zoning, while structures which did not conform when built usually require a "variance" from the city or town in order to be legal.

Often homes are advertised as containing extra apartments. Such an apartment may be called an "in-law" apartment, an "au pair" suite or by some other name. Generally this refers to a structure which has been converted to add a separate dwelling unit. The buyer may wish to determine whether such use has been approved.

To stay current on Zoning, Variance, and Building Code Compliance

call

KRIS GONET-HALL

RELOCATION SERVICE, SELLING OR BUYING

413-204-6099 KRIS.GONET@NEMOVES.COM

USEFUL INFORMATION TO PROTECT YOU!!!

Selecting an attorney is a very important, unavoidable decision.

Before you sign an agreement of sale, you might consider asking an attorney to look it over and tell you if it protects your interests. If you have already signed your agreement of sale, you might still consider having an attorney review.

An attorney can help you prepare for the settlement. In some areas attorneys act as settlement/closing agents or as escrow agents to handle the settlement.

AN ATTORNEY WHO DOES THIS WILL NOT SOLELY REPRESENT YOUR INTEREST, SINCE, AS SETTLEMENT CLOSING AGENT, HE OR SHE MAY ALSO BE REPRESENTING THE SELLER, THE LENDER AND OTHERS AS WELL.

• If choosing an attorney, you should shop around and ask what services will be performed for what fee. Find out whether the attorney is experienced in representing home buyers. You may wish to ask the attorney questions such as:
• What is the charge for negotiating the agreement of sale, reviewing documents and giving advice concerning those documents, for being present at the settlement, or for reviewing instructions to the escrow agent?
• Will the attorney represent anyone other than you in the transaction?
• Will the attorney be paid by anyone other than you in the transaction?

RELOCATION SERVICES AVAILABLE

Kris Gonet-Hall 413-204-6099

Kris.Gonet@NEMoves.com

BE CAREFUL... REAL ESTATE AGENTS ARE NOT INSPECTORS

Real Estate agent are not trained to find structural, electrical, plumbing, septic and other problems with a home or land and do not guarantee the condition of property they sell. In gereral, agents have no duty to inspect a property for defects and have no duty to verify information received from seller, municipal departments or other reputable sources. Naturally, real estate agent may not "knowingly (make) any substantial misrepresentation. Agents have no liability for innocently passing along to buyers information from reputable sources, even if it is later determined to be inaccurate. Agents who provide buyers with names of lawyers, accountants or other professionals do not guarantee the accuracy of the reports of thos professionals.

FOR ALL OF YOUR REAL ESTATE NEEDS. CALL KRIS GONET-HALL @ 413-204-6099 OR E-MAIL ME ANYTIME @ Kris.Gonet@NEMoves.com

RELOCATION SERVICES AVAILABLE