The Stampini Team

HOW MUCH DOES PMI COST? What do we need to know about Private Mortgage Insurance? How much does PMI cost? Who will PMI protect, the lender or the borrower? Let’s find out… If you put down less than 20% in cash, on your conventional mortgage loan. Chances are that you should plan to pay private mortgage insurance, otherwise known as PMI. It may sound like it might be a helpful protection against something happening to your mortgage. It is meant to protect the lenders, and not you. Who gets protected in this policy? The policy protects the lender just in case you stop making the payments on your mortgage.. Even though the lender is the beneficiary of the policy, you as the homeowner must pay the monthly premiums for PMI. Here’s what you need to know about how it works and how much it costs to pay PMI. Where do you pay PMI and how much does it cost? The PMI cost  is usually rolled into your monthly mortgage payment along with principal and interest, property taxes an...

A home inspection is something that needs to be done to make sure there are no hidden defects that would affect the value of the house.  Therefore, negotiating after a home inspection takes preparation if you want to come out on top.  Searching for a new home? What are the things you need to consider? What are your options? Your offer on the home should be based on what you have seen outside of the home inspection. Once the inspection is completed, the best policy is to address the issues of repairs because it is a contingency. Moreover, you are not bound to the  contract   if you and the seller can’t come to an agreement on repairs. Also Read:  How to avoid costly buyer mistakes before you purchase your next home in South Florida. The home inspection is usually done 7 up to 15 days after your offer has been ratified. The purpose of a home inspection is to provide you with the overall condition of the property. In short, you will receive a laundry list ...

Is it possible to buy and sell a home at the same time? In this article, we will discuss the options you have if you decide to buy and sell a home at the same time. We will also show the available options for you before making a decision about whether to buy or sell your home first. One of the trickiest situations that can exist in real estate is when a person has to buy and sell a home at the same time. Continue reading to learn the different options and techniques on how to buy and sell a home simultaneously. Options to Buy Your New Home First 1. Make an offer on a home with a sale and settlement contingency. Worried about selling your home too quickly and not being able to find another one to buy? Find your dream home first, and then make an offer with a  “sale and settlement contingency.”  This means that your offer is contingent upon your current home selling. However, please take note that in a competitive market this option is not advised. At  The ...

How HELOC or Bridge Loan Can Help You Buy Your Next Home? Buying and selling a home all at once can be stressful. If you sell first you could end up with no place to live until you find your perfect home. And if you buy first, you might get stuck having to pay two mortgages at once. However, most people can’t afford to pay for two mortgages at the same time or buy a home with cash. Today, we will discuss the difference between HELOC and Bridge Loan so you can decide what’s best for you. HELOC and Bridge Loan HELOC and Bridge Loan are the usual financing options for short term financing to facilitate the purchase and sale of a home. What is a  HELOC ? A home equity line of credit often called a HELOC and pronounced hee-lock. It’s a loan which the lender agrees to lend a maximum amount within an agreed period called a “ Term “. So it’s where the collateral is the borrower’s equity in his or her house. What is  Bridge Loan ?  (Gap Financing) A bridge...

“AS IS” contract is a warranty disclaimer.  Property is sold “as is” in order to limit any liability relating to the condition of the property. FAR  or the  BAR  approved contracts is what most South Florida real estate agent use.  The FAR/BAR “AS IS” Contract and the FAR/BAR Standard Contract are streamlined and comprehensive. As a result, they are now present in transactions of all shapes and sizes across the state.  “AS IS” Contract and FAR/BAR Standard Contract In this article, we’ll explain what is an “AS IS” contract and its difference from the FAR/BAR Standard Contract. What does “AS IS” mean in Real Estate? “AS IS” means the property is sold in its current state without any repairs. However, it states that if the buyer’s lender requires any repairs, the buyer needs to pay for those themselves.  Do you need a lawyer for your real estate closing?  To discuss your situation with a real estate lawyer,  contact us  now....