THE EXPERIENCE  |  JUNE 2018
  Welcome to the Birdsong|Katz Group Experience …
 
…where we are focused on not just facilitating a real estate transaction, but creating a real estate experience for all our clients!
  
If you own a home, downsizing may not be your only option to reduce your mortgage payments. Look into your current mortgage and see if you have mortgage insurance. Because equity has gone up in our area, you may have enough to have your mortgage insurance premium removed.

We have many trusted lending partners that we can refer you to if you are interested in investigating whether or not you can eliminate your mortgage insurance.
  
TYPES OF MORTGAGES OUT THERE
Over the past seventeen years, the percentages of mortgage types have varied greatly. Privately held mortgages completely disappeared after the financial crash in 2007.

FHA/VA mortgage originations have stayed steady since that time as have conventional mortgage loans. Portfolio loans – those originated in house and not sold on the public market - seem to be keeping the same pace as the FHA/VA loan market.
  
  
So much to do in the summer here in Fort Collins. Check out some hiking options as well as local rafting companies for those cool outdoor activities that are practically in our own backyards.
 


GRATITUDE
Thank you to our clients who listed with us this month!
 
6024 W 1st #16, Greeley
Awesome 3+2 attached residence listed at $325,000

2221 Stonecrest, Fort Collins
What potential in this 3+2 listed at $600,000

620 Locust, Fort Collins
Incredible remodel in Old Town East listed at $785,000
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                PAYING MORTGAGE INSURANCE
2. If your value has gone up, the next step is to contact your mortgage holder or a lender to see about the cost and process of refinancing. If you do not currently have a lender, we can help you with that as well.

If you have a Conventional Mortgage   With this type of mortgage, you have some options on how to get rid of the Mortgage Insurance Premium. The best is to always call your current mortgage holder and see what they suggest. Below are some simple steps you can take to make the process a bit easier and more efficient.

1. Contact your Realtor® and have a new market analysis on your home completed. This will let you know what the current value is of your home and can save you time and money should you need to go the route of an appraisal.

2. Do nothing and wait it out. The conventional mortgage allows you to wait it out. Once your loan to value (LTV) reaches 80/20 on the original amortization schedule it will automatically drop off. This is a nice feature of the conventional loan however in the long run you are probably paying the extra premium longer than you have to.

3. Look at your current property taxes. If the assessed tax value reflects an 80/20 value then you can call the mortgage holder and ask them to remove the MIP portion of the payment.

4. Call the current mortgage holder and let them know you would like to remove your MIP. They may require an appraisal only, or that you refinance (which requires an appraisal). Refinancing does risk losing out on a really low interest rate, so it is always smart to have your lender run the numbers for you.

We think it helps to understand that you have some control over your payment. Let us know if you would like more information, or if we can connect you with one of our trusted lending partners.
  
Have you purchased a home and were not able to come up with 20% down to avoid paying mortgage insurance? If so, we may be able to offer some insight as to how to potentially lower your payment by removing the MIP (Mortgage Insurance Premium).

First off you may be asking what Mortgage Insurance is. If you were not able to come up with 20% of the purchase price when you bought your home, the lender would have required you to have a mortgage insurance premium added to your payment as a form of added insurance on the amount they were lending you. The type of mortgage you have will dictate the method or process to remove the MIP. Below are the two common types you would be dealing with.

If you have an FHA Mortgage  The only way to remove the MIP (Mortgage Insurance Premium) is to refinance. FHA mortgages do not automatically remove this for you. It is solely up to you. Many people never give it another thought and will end up paying far more then they need to throughout the ownership of their home. This is where we can help you, if you follow these steps.

​​1. Contact your Realtor® to do a local market analysis on your home to see if the value has gone up enough since you purchased it.
COMPARE:   MAY 2017   TO   MAY 2018
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I have been working with Jackie Mihalchick, and she is exceptional. She reached out to me immediately after hearing from you. She is a superb listener. In our very first conversation, unlike most other realtors, and people in general, she heard and understood what my husband and I would like to have in terms of housing in Colorado. She has stayed in close contact with me, including regularly sending me emails about properties in which I might be interested. She is not pushy, and I like that, because she is willing to wait for us to find the home that most closely fits our needs and desires. On top of all that, she is well-informed about the market, willing to educate me when needed, and she is lots of fun!  I couldn’t be more pleased!
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