Designing Spaces – Radian Group, Understanding Mortgage Insurance


(MUSIC)
TODAY WE CHECK OUT SOME OF THE FINEST CONSUMER ELECTRONICS TECHNOLOGY MONEY CAN BUY THAT
WILL TURN YOUR HOME ENTERTAINMENT SYSTEM INTO THE STUFF DREAMS ARE MADE OF.
MORE PEOPLE ARE CHOOSING TO LEASE BECAUSE IT OFFERS FREEDOM, FLEXIBILITY, AND A DIVERSE
SET OF OPTIONS TO FIT THEIR DESIRED LIFESTYLE. COULD AN APARTMENT BE IN YOUR FUTURE?WE’LL
VISIT ON COMMUNITY TO SEE HOW THIS IS BECOMING A GROWING TREND.
MORTGAGE INSURANCE. DO YOU KNOW WHAT IT IS? WE TALK TO AN EXPERT WHO GIVES US THE BOTTOM
LINE ON SECURING YOUR DREAM HOME. THIS IS THE SHOW ALL ABOUT YOU
AND YOUR SPACE, YOUR HOME AND SURROUNDINGS.
WE ARE DESIGNING SPACES. (MUSIC) AMY AND MANNY HAVE BEEN LIVING IN AN APARTMENT
FOR YEARS. BOTH HOLD DOWN STEADY JOBS AND HAVE GOOD CREDIT HISTORY. THEY ARE NOW AT
POINT WHERE THEY ARE CONSIDERING BUYING A HOUSE FOR THE FIRST TIME.
WE HAVE A FRIEND IN REAL ESTATE WHO IS REALLY STARTING TO SEE HER BUSINESS PICK UP AGAIN.
SHE TOLD US NOW IS A GREAT TIME TO BUY. RIGHT NOW WE DON’T HAVE THE 20% TO PUT DOWN ON THE
HOUSE. BUT WE REALLY WANT TO MAKE A MOVE. IS THERE ANY WAY WE CAN MOVE INTO OUR FIRST
HOME WITH OUT HAVING TO COME UP WITH SO CASH? MEET TERESA BRYCE-BAZEMORE, PRESIDENT OF RADIAN
GUARANTY. A PROVIDER OF PRIVATE MORTGAGE INSURANCE. TERESA IS JUST THE PERSON TO ANSWER AMY AND
MANNY’S QUESTIONS REGARDING THEIR FIRST HOME MORTGAGE.
DESIGNING SPACES INTRODUCED US TO TERESA BRYCE-BAZEMORE. IT REALLY OPENED OUR EYES.
RIGHT NOW, WE DON’T HAVE THE 20% TO PUT DOWN ON THE HOUSE. IS THERE ANOTHER WAY TO DO THIS?
YOU DON’T NEED 20% DOWN. YOU CAN BUY A HOME TODAY WITH AS LITTLE AS 3-5% AND THERE ARE
A FEW WAYS TO DO THAT. THE TWO MAJOR WAYS TO DO THAT ARE EITHER TO GET GOVERNMENT INSURANCE
THROUGH THE FEDERAL HOUSING ADMINISTRATION WHICH IS CALLED THE FHA. AND THE OTHER OPTION
IS TO BUY YOUR HOME USING PRIVATE MORTGAGE INSURANCE.
BUT WHAT IS PRIVATE MORTGAGE INSURANCE? SO, PRIVATE MORTGAGE INSURANCE IS INSURANCE
THAT A LENDOR WOULD GET ON YOUR BEHALF IN ORDER TO ALLOW THEM TO GIVE YOU A LOAN WITH
LESS THAN 20% DOWN. AND IT ESSENTIALLY INSURES THEM IN CASE THERE IS A DEFAULT IN THE FUTURE.
THE GREAT THING IS THAT IT GIVES YOU AN OPPORTUNITY TO GET INTO A HOME WITH LESS THAN 20% DOWN.
MILLIONS OF HOMEOWNERS HAVE BEEN ABLE TO GET INTO A HOME WITH A LOW DOWN PAYMENT AND AFFORDABLE
AND SUSTAINABLE WAY. ABOUT 43% OF THE LOANS WE DO ARE FOR FIRST TIME HOME BUYER. AND PRIVATE
MORTGAGE INSURANCE LIKE THE INSURANCE WE OFFER AT RADIAN HAS HELPED ABOUT 2 MILLION PEOPLE
BUY HOMES SINCE 2008. SO, WHAT IS THE DIFFERENCE BETWEEN PRIVATE
MORTGAGE INSURANCE AND FHA. SO, THE REAL DIFFERENCE IS THAT FHA IS A GOVERNMENT
PROGRAM AND PRIVATE MORTGAGE INSURANCE IS PRIVATE CAPITAL. SO, IF SOMETHING HAPPENS
ON AN FHA LOAN AND THE FIND DOESN’T HAVE ENOUGH MONEY THAT MONEY COULD COME FROM THE TAX PAYER.
THAT DOESN’T HAPPEN WITH PRIVATE MORTGAGE INSURANCE. INSTEAD PRIVATE MORTGAGE INSURERS
ARE THERE TO BE ABLE TO INSURE YOUR LOAN AND ALLOW YOU TO GET INTO LOAN WITH 3-5% DOWN.
SO, LET ME SHOW YOU AN EXAMPLE. YOU BOUGHT A HOME FOR $250,000 AND YOU PUT 5% DOWN. YOUR
MORTGAGE AMOUNT WOULD BE $237,500. AT THE POINT WHERE YOUR LOAN PAYS DOWN TO A $195,000
YOUR MORTGAGE INSURANCE PREMIUM WOULD BE AUTOMATICALLY CANCELLED. IN ADDITION TO THAT, IF YOUR HOME
APPRECIATES IN VALUE DURING THAT TIME FRAME EVEN BY A SMALL AMOUNT YOU MIGHT EVEN BE ABLE
TO CANCEL YOUR MORTGAGE INSURANCE SOONER THAN THAT.
AND THEREFORE YOUR MORTGAGE PAYMENT WOULD ACTUALLY GO DOWN.
ONE OF THE NICE THINGS ABOUT BUYING TODAY IS THAT WHILE INTEREST RATES ARE LOW, YOU
CAN GET IN AND YOU CAN LOCK IN YOUR MORTGAGE PAYMENT BUT YOU CAN’T LOCK IN YOUR RENT RIGHT
NOW. IF WE WERE TO GET PRIVATE MORTGAGE INSURANCE
HOW MUCH SOONER WOULD WE BE ABLE TO MOVE INTO A HOME.
WELL, IF YOU HAVE 3-5% TO PUT DOWN YOU COULD ACTUALLY GET INTO A HOME NOW. IF YOU HAVE
THE CLOSING COSTS TO ALSO CLOSE. AND THE GREAT THING ABOUT PRIVATE MORTGAGE INSURANCE IS
THAT IT REALLY DOES ALLOW YOU TO GET IN SOONER FOR THE AVERAGE FIRE FIGHTER OR SCHOOL TEACHER
IT WOULD TAKE ABOUT 20 YEARS TO SAVE 20% DOWN. HOW DO WE KNOW THAT PRIVATE MORTGAGE INSURANCE
IS THE RIGHT CHOICE FOR US? YOU CAN TALK TO A LENDOR AND THEY CAN GO THROUGH
YOUR FINANCING OPTIONS WITH YOU. JUST MAKE SURE YOU ASK ABOUT PRIVATE MORTGAGE INSURANCE
AND THEY CAN TAKE YOU THROUGH WHAT YOUR PAYMENT OPTIONS WOULD BE AND HELP YOU ASSES THAT.
IT’S VERY EASY BECAUSE THEY’LL OBTAIN THE PRIVATE MORTGAGE INSURANCE AND IT WILL JUST
BE PART OF YOUR MONTHLY MORTGAGE PAYMENT. FOR MOST PEOPLE, IT’S CHEAPER TO HAVE A LOAN
WITH PRIVATE MORTGAGE INSURANCE THAN FHA. YOU’LL ALSO BE ABLE TO GET A TAX DEDUCTION
ON THE PRIVATE MORTGAGE INSURANCE THAT YOU PAY AND OVER TIME AS YOU BUILD EQUITY IN THE
HOUSE, YOU’LL ALSO BE ABLE TO HAVE YOUR MORTGAGE INSURANCE CANCELLED.
HOW MUCH IS A PRIVATE MORTGAGE INSURANCE? SO, IT REALLY VARIES AND IT DEPENDS ON HOW
MUCH MONEY YOU PUT DOWN. SO, IF YOU DECIDE THAT YOU PUT DOWN 15% THAN YOUR MORTGAGE INSURANCE
PAYMENT WOULD BE LOWER THAN IF YOU DOWN 5%. SO, FOR INSTANCE, IF YOU WERE TO BUY A HOME
FOR ABOUT $200,000 YOU PUT 5-10% DOWN YOUR MONTHLY PAYMENT WOULD BE ABOUT $80 FOR MORTGAGE
INSURANCE. THIS COULD BE THE ANSWER TO ALL OF OUR PROBLEMS.
HOW DO WE GET STARTED? YOU CAN GO TO OUR WEBSITE WHICH IS ACHIEVETHEDREAM.COM
TALK TO YOUR LENDOR AND ASK ABOUT MORTGAGE INSURANCE AS AN OPTION THEY CAN TELL YOU WHAT
AMOUNT OF HOUSE YOU CAN AFFORD AND WHAT YOUR OPTONS ARE.
DO ME A FAVOR, WHEN YOU TALK TO YOUR LENDOR, ASK THEM ABOUT PRIVATE MORTGAGE INSURANCE
FROM RADIAN. TO SEE THIS PORTION OF THE SHOW AGAIN, GO
TO DESIGINGSPACES.TV AND CLICK ON THE RADIAN GROUP VIDEO. YOU’LL ALSO FIND A LINK TO THE
RADIAN WEBSITE. (MUSIC)
OUR HOMES, SURROUNDINGS AND LIFESTYLES ARE ALL PART OF A RAPIDLY CHANGING WORLD. NEW
TECHNOLOGY OPENS UP NEW WORLDS OF HOME ENTERTAINMENT AND SOME ARE FINDING THE APARTMENT LIFESTYLE
MORE TO THEIR LIKING. WE ARE HERE TO PROVIDE YOU WITH THE INFORMATION
YOU NEED TO CREATE THE LIVING SPACE YOU DESIRE. WE ARE DESIGNING SPACES.
FOR MORE INFORMATION ABOUT ANYTHING
YOU’VE SEEN ON TODAY’S SHOW, OR TO FIND OUT HOW TO BE PART OF
THE SHOW, LOG ON TO designingspaces.tv. YOU CAN VISIT THESE WEBSITES TO
LEARN MORE ABOUT THE PARTICIPANTS ON THIS EDITION OF
DESIGNING SPACES. (MUSIC)

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