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Housing Minute
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Cancellation of Private Mortgage Insurance
Did you know that under the Homebuyer Protection Act, you have the right to request cancellation of Private Mortgage Insurance when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less. To do this, you also need a good payment history.
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Homebuyer Education
You were taught to drive before you took to the road. When you were placed in a new job, you were provided training, yet who can you turn to when it comes time for you to purchase your first home? Grand Valley Housing Initiatives offers a free First time Homebuyers Education class once a month in both Grand Junction and Montrose.
Homebuyer Education classes cover everything from budgeting and credit to the loan process, choosing a real estate agent, a lender, an inspector, as well as helping you get through all the paperwork that you have to sign at closing. Be an informed buyer!
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Get Help with Down Payments and Closing Costs
One of the biggest barriers to homeownership is lack of a down payment, or not enough for closing costs. Did you know that there are programs locally, as well as state wide to help you with Down Payment and closing costs? Some programs also offer below market rate loans!
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Exemption from Capital Gains Tax
Did you know as long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. Which means you may be exempt from Capital gains taxes when you sell or move from your house, whether you purchase another home or not.
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Changes in Credit Before Closing Can Result in Denial of Your Mortgage
Did you know that making a major purchase on credit before your loan closes could result in you losing your mortgage loan? Understanding credit and how what you do affects it can go a long way towards getting you in the best possible shape to get a mortgage loan.
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Mortgage Escrow Accounts
Mortgage escrow accounts ensure that homeowners' property taxes, fire and hazard insurance premiums, mortgage insurance premiums and other escrow items are paid in a timely fashion. These escrow accounts can protect both the borrower and the lender. Borrowers who have questions or concerns about their escrow accounts should talk to their lenders immediately.
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Avoiding Foreclosure
Foreclosure is costly for you, for your lender and for the community, and in many cases can be avoided. The best way for you to go about avoiding foreclosure is to keep in touch with your lender. You can also call the Foreclosure Hotline at 1-877-601-HOPE to talk with a certified housing counselor.
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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Should You Refinance?
If you are a homeowner who was lucky enough to buy when mortgage rates were low, you may have no interest in refinancing your present loan. But perhaps you bought your home when rates were higher. Or maybe you have an adjustable rate loan and would like to obtain different terms. Should you refinance?
For more information on this and other Home purchase related items, contact Grand Valley Housing Initiatives
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