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ALL LISTINGS
- 3DOpen Sun 9AM-5PM
$ 714,990
3 Beds2 Baths1,950 SqFt5921 Thornhill AVE SW #293, Port Orchard, WA 98367
Single Family Home
MLS# 2323949
Listed by Richmond Realty of Washington
- 1/35 35Open Sat 11AM-3PM
$ 939,000
3 Beds3 Baths1,656 SqFt203 Madrona WAY NE #3F, Bainbridge Island, WA 98110
Single Family Home
MLS# 2323540
Listed by Realogics Sotheby's Int'l Rlty
- 1/33 33Open Sun 10AM-5PM
$ 824,990
4 Beds2.75 Baths2,840 SqFt5761 Thornhill AVE SW #325, Port Orchard, WA 98367
Single Family Home
MLS# 2323942
Listed by Richmond Realty of Washington
- 3DOpen Sun 9AM-5PM
$ 749,990
3 Beds2.5 Baths2,460 SqFt10600 Treasure DR NW #103, Silverdale, WA 98383
Single Family Home
MLS# 2323756
Listed by Richmond Realty of Washington
- 1/40 40Open Sat 11AM-1PM
$ 695,000
3 Beds2.25 Baths1,889 SqFt1050 NE Tollefson ST, Poulsbo, WA 98370
Single Family Home
MLS# 2323287
Listed by Keller Williams Greater 360
- 1/40 40Open Sat 10AM-1PM
$ 575,000
3 Beds2 Baths1,730 SqFt2741 SE Arthur CT, Port Orchard, WA 98367
Single Family Home
MLS# 2319943
Listed by COMPASS
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RECENTLY SOLD
$ 375,000 2.7%
$ 365,000
3 Beds2.5 Baths1,492 SqFt137 NE Tucannon Ct, Bremerton, WA 98311-3191
Townhouse
Listed by Niki Shelton of REAL Broker LLC
- 1/26 26
$ 810,000 1.4%
$ 799,000
4 Beds2.75 Baths1,900 SqFt8501 16th AVE SW, Seattle, WA 98106
Single Family Home
MLS# 2316384
Listed by Real Broker LLC
- 1/39 39
$ 390,000
$ 390,000
3 Beds1 Bath962 SqFt3607 S Tyler ST, Tacoma, WA 98409
Single Family Home
MLS# 2313545
Listed by COMPASS
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What is PMI?
Private Mortgage Insurance (PMI) is a term that often comes up when discussing mortgages and real estate transactions. But what exactly is PMI, and why is it important for both buyers and sellers to understand its implications? In this blog post, we will delve into the world of PMI, shedding light on its purpose, necessity, and potential ways to eliminate it.Private Mortgage Insurance is a type of insurance that lenders require from homebuyers who make a down payment of less than 20% of the home's purchase price. It protects the lender in case the borrower defaults on their mortgage payments. Essentially, it provides a safety net for the lender, enabling them to recover their investment in case of a foreclosure.So, why do lenders insist on PMI for buyers? The answer lies in risk management. When a borrower puts down less than 20% as a down payment, the lender assumes a higher risk. With PMI in place, the lender can minimize their potential losses if the borrower fails to meet their financial obligations. The cost of PMI is typically a percentage of the loan amount and is added to the monthly mortgage payment.But what if you don't want to have PMI? Is there a way to avoid it or get rid of it? The good news is, getting rid of PMI is possible, but it requires meeting certain criteria. Once you have accumulated at least 20% equity in your home, either through appreciation or by paying down the principal balance, you can request the cancellation of PMI. This can be done by contacting your mortgage lender and following their specific guidelines for PMI removal.Another way to eliminate PMI is by refinancing your mortgage. If you have enough equity in your home and interest rates are favorable, you can refinance your mortgage and potentially secure a loan that doesn't require PMI. However, it's essential to weigh the costs associated with refinancing against the savings you'll achieve by eliminating PMI.In conclusion, PMI plays a significant role in the real estate industry, offering protection to lenders while enabling buyers with smaller down payments to enter the market. Although it adds an additional cost to your monthly mortgage payment, it is not a permanent expense. By building equity in your home or exploring refinancing options, you can eventually eliminate PMI, providing you with greater financial freedom as a homeowner.
Read MoreThinking of Buying or Selling?
Keeping It REAL with Niki Shelton Are you getting ready to buya home? Have a house to sell? Maybe you have a friend or a family member that is. If so, you do not want to miss this series. This is a site of great information where I will be taking you through the Home-buying and Selling process from start to finish. We are bringing in industry experts to make sure you have the information you need when you need it. Check out this series and subscribe to my YouTube channel so you don't miss an episode. Subscribe here: https://www.youtube.com/@nikishouses-nikishelton/playlists Make sure you hit that subscribe button so you don't miss an episode. Thanks for watching.
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