In the Old Testament of the Bible, in Proverbs, 22:7, It is stated that "The borrower is servant to the lender." In this day and age of buying a house, there is a lot of questions to be answered. Can we afford it? Should we go into debt to buy a house? Is this the best time to buy a house? And, there are a lot more questions. Is this the best thing for my family at this time? One of the best ways to decide this is the question, do I have any collateral? Friend, this collateral is a pad to help you not to pay un-necessary items such as mortgage insurance, which only benefits the lender and gives you more payment. One of the most difficult things to do at the present time we live in is to save money, but if you can save some money for a down payment,"collateral", you will not be in as much servantism as the one who buys a house with little or no down payment. As an appraiser for 29 years, I have witnessed a lot of people lose property just for this reason.
Have a blessed day!
If you are paying PMI, (mortgage insurance), and you think you now have enough equity to quit paying this high cost that is now un-necessary, let me help. I can do an appraisal to help you decide whether or not to try to eliminate this additional cost to you that you could use toward something else. Or, maybe use the additional savings to pay toward your mortgage to help eliminate your payment altogether by paying it down faster.
If I can help in the Middle Tennessee area, please do not hesitate to give me a call at 931-629-7982 or email me at firstname.lastname@example.org.
We will promise not to give you numbers for the purpose of you making a loan and we will promise not to give you an appraisal in 24 hours just because you want to make a loan quicker. But, we will promise to give you an appraisal that will be just with a value that is supportable and defensible, so that your client is not as likely to default on a loan. In case of default, you will likely be capable of re-couping all or most of what is owed against the property. This is a promise that is trustworthy of our company.