One common type of loan many buyers use to purchase a Knoxville home for sale is a conventional loan, which requires the borrower to put anywhere from 5% to 20% down. Any Knoxville buyer than puts less than 20% down on a Knoxville home will be required to carry private mortgage insurance [PMI]. So, what exactly is PMI?
What is PMI?
Private Mortgage Insurance is associated with any conventional loan with less than 20% down. It is paid to the mortgage lender in case the Knoxville borrower is unable to repay their mortgage.
Why Does PMI Exist?
PMI is essentially there to protect a mortgage lender. If a Knoxville homeowner defaults on their loan and if foreclosed on, PMI is there if the mortgage lender is unable to get full payment back from the foreclosure sale. PMI is simply there to protect your lender from loss. PMI is also allow Knoxville home buyers to qualify for a loan with less of a down payment, since not all home buyers have 20% to put down on a home.
Does PMI Ever Go Away?
The good thing about PMI is that it is able to go away after the the Knoxville homeowner has at least 20% equity in their home, thanks to the Homeowner’s Protection Act of 1998. If the homeowner doesn’t cancel their mortgage insurance, lenders are required to cancel the PMI once the loan reaches 78% loan-to-value.
Are you thinking about buying a Knoxville home this year? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected]. Also, be sure to check out our Knoxville Home Search Page to see what homes are for sale in the Knoxville area.
August 27th, 2014 categories: Buyers
Whether you are a first time buyer or a tenth time buyer, buying a West Knoxville home for sale can be exciting and overwhelming at times. Finding a home that meets your needs and falls in your price range isn’t always easy, so it’s no shock the home buying processing can be emotional. Unfortunately, sometimes emotions can run rampant. Here are 3 common emotional mistakes home buyers make and how to avoid them.
Choosing Emotion Over Logic
When you finally find the perfect West Knoxville home for sale, it can sometimes be hard to keep your emotions in check. It can be so hard not to go gaga over the fabulous kitchen or pristine backyard. So, who could blame you for getting a little emotional? Still, it is important to set emotions aside and look at the home with a clear head. You’ll want to make sure you’re not overlooking any major issues in the home or splurging on a home that is going to financially stress you. Read the rest of this entry »
August 26th, 2014 categories: Buyers
Selling your West Knoxville home can be a stressful time. Depending on your situation, you could be under a time crunch or could be concerned about getting a certain price to meet your needs. Regardless of the situation, when you finally start receiving offers on your West Knoxville home it can be hard to decide what offers work for your and what won’t. Here is how to evaluate an offer on your West Knoxville home.
First, it is important to note that you have three different choices when you receive an offer on your West Knoxville home. If the offer meets all of your needs, you can accept the offer on your West Knoxville home. If the offer is something you believe you can work with, you are able to counter the offer. Finally, you can all together reject the offer. Read the rest of this entry »
August 25th, 2014 categories: Buyers
If you’re in the market to buy a Knoxville foreclosure, you’ve probably stumbled upon a HomePath home. There are several different types of foreclosures and bank-owned homes in Knoxville, and all of them are a little bit different. Knoxville HomePath homes offer a unique opportunity for buyers, so here is a brief rundown of what HomePath homes are and what sets them apart from other foreclosures.
What Is A HomePath Home?
Simply put, HomePath homes are foreclosure properties owned by Fannie Mae. In comparison to other foreclosure for sale, HomePath homes tend to be kept in better condition that some other foreclosures. Generally, these homes need less work than other foreclosures because Fannie Mae goes in and makes important repairs prior to putting the house on the market. Read the rest of this entry »
Showings are an essential part of selling your West Knoxville home. Here are some simple tips for better showings on your West Knoxville home for sale.
1. Keep your West Knoxville home clean. While it can be hard to keep your home clean every hour of every day, that is what has to be done when you’re in the process of selling your West Knoxville home. You never know when a last minute showing is going to schedule, so it is important that you have your home showing ready at all times. That way, if you get booked for a last minute showing, you’re not frantically trying to run home to clean up.
2. Keep phantom smells under control. A bad smelling home can deter buyers from wanting to buy a home. Would you want a house that smells like wet dog or is musty like grandma’s house? Getting your carpet cleaned can help kill residual odors. It can also be helpful to run the vacuum once a week as well. Also, be sure to take out trash and keep your garbage disposal clean. Read the rest of this entry »
August 19th, 2014 categories: Buyers
In this day and age where you can learn just about anything on Google, a majority of West home buyers are very well-informed. Prior to searching for West Knoxville homes for sale, buyers research everything from mortgages to different areas of Knoxville to school systems. Still even with all their research, West Knoxville home buyers do miss some key items. As someone who sees people buying and selling homes on a daily basis, here are 3 things every buyer must know before buying a West Knoxville home for sale.
1. You Don’t Have To Buy A West Knoxville Home For Sale Right Now.
All your friends might be doing it and you might feel like you need to, but you absolutely don’t have to buy a West Knoxville home for sale right now. You may have always thought you’d be a homeowner as this point in your life, but that doesn’t mean anything. You need to buy a West Knoxville home for sale because the time is right for you. There is nothing wrong with renting, you just need to weigh the pros and cons of renting versus buying. Read the rest of this entry »
Knoxville is among one of the best college sports towns, according to Answers.com.
This may not be a shock to most Knoxville residents who know there is not better time than football time in Tennessee or watching the Lady Vols compete for yet another national title. Still, it is great to see Knoxville receive recognition on a national list of best college sports towns.
On the list of 10 cities, Knoxville ranked #2 on the list of best college sports towns. Knoxville received recognition for quite a few reasons, one being having a group of dedicated, loyal fans. Another reason topped the list was due to the University of Tennessee’s great campus and game days festivities that are unlike any other. Finally, Knoxville received nods for having a strong fan base for women’s sports, particularly for the Lady Vols. Knoxville was the highest ranking SEC college town included on the list, only falling behind Madison, Wisconsin. Read the rest of this entry »
August 12th, 2014 categories: Buyers
The Cedar Bluff area of West Knoxville is about to see many new restaurants and businesses opening up this summer and fall. Read on below below to see what new restaurants and businesses will be opening their doors in the Cedar Bluff area this summer and fall.
Blaze Pizza will be opening up it’s first location in Knoxville on S. Peters Road, next to Conn’s Home Plus Store. Blaze Pizza is expected to open its first location prior to the end of the year. The specialize in making artisan fresh pizzas that are made ready in only 180 seconds.
LaRosa’s Pizzeria will be opening up in the shopping center going in at Kingston Pike and Cedar Bluff. LaRosa’s offers delicious pizzas, calzones, soups, salads, and hoagys made to order.
Red Burrito will opening up its first Knoxville location inside the new Hardee’s location of Cedar Bluff. It is part of the Hardee’s franchise and specializes in fast-food Mexican. Read the rest of this entry »
With mortgage interest rates rumored to rise soon and West Knoxville home prices increasing, many West Knoxville buyers are ready to take the plunge into homeownership. If you’re like many West Knoxville buyers who’ve heard about interest rates increasing, you’re ready to make a move quickly. Here are a few tips to making buying a West Knoxville home as easy as 1-2-3.
Before starting to look at West Knoxville homes for sale, it is essential to talk to a loan officer. They will be able to let you know how much home you can afford and what types of loans you can qualify for. After all, there is nothing worse than falling in love with a West Knoxville home that is out of your price range. Getting pre-qualified or pre-approved is a fairly simple process, it just involves talking with a loan officer about your income, assets, debts, and any potential down payments. With this information, a loan officer will be able to give you an an idea of how much you can afford and what your monthly payment will be. Read the rest of this entry »
August 8th, 2014 categories: Buyers
This Lenoir City home for sale is located in Harrison Glen in Lenoir City at 165 W. Glenview Drive. This Lenoir City homes for sale has 3 bedrooms, 2.5 baths, a large bonus room, and an asking price of $225,000. It is eligible for 100% financing with the help of a Rural Development Loan.
This Lenoir City home for sale was built in 2006. It has been kept in pristine condition and has so much to offer buyers. The main level has a large, open floor plan, complete with a two story foyer and family room. The family room is spacious, with tons of natural light and a gas fireplace. The kitchen and eat-in area open up into the family room, making it perfect for entertaining. The kitchen has smooth surface counter tops, black appliances, tile back splash, and tons of cabinet and counter space. The master suite is also located on the first floor. The master suite is large with a large attached bath with dual vanities, a large tub, and separate shower. Read the rest of this entry »