PMI Payments Will Rise!

Realtors and experts have been saying for some time that it is the time to buy! Buyers who have remained on the fence will now face slightly higher prices in some areas, higher interest rates and for FHA borrowers monthly PMI Payments.

While rates were at the 4% mark just alittle over a month ago, they are now climbing to 5%. FHA loans originated prior to 4/10/2011 will see lower monthly PMI payments however loans originated after 4/10/2011 will see an increase. For example, if you have an FHA mortgage in the amount of $200,000 that originates prior to 4/10/2011 your monthly PMI payment is $150.00. After 4/10/2011 that monthly PMI payment will be $191.67 a month. That is a difference of over $41.00 a month. Combine that with slightly higher prices and higher interest rates and that home you have been thinking of purchase could now be over $200.00 a month higher in payments.

For those that have been on the fence...it's time to jump off, get into this fantastic Buyer's Market we have been experiencing and find your home. Don't wait for the bottom as it seems it may have already passed you by.

For more information on homes available contact Jennifer Daywalt at 610-999-7693 or email me at Sellinghomesjenn@aol.com. For a complete list of homes available visit www.JenniferDaywalt.remax.com