APPRAISALS BY JOHN NICHOLSON & ASSOCIATES

Assuming a decent credit rating, any potential home buyer can secure a loan for a house. Why? Because these transactions are secured by a very valuable asset: the home itself. If a borrower defaults on a loan, the risk for the lender is often only the difference between the value of the home and the amount outstanding on the loan, less the amount it costs them to foreclose and resell the property... PMI has been a large money-maker for the mortgage lenders. The amount of the insurance often $40-$50 per month for a $100,000 house is commonly rolled into the mortgage payment. Given the size of the overall payment, this additional fee is often overlooked. Homeowners continue to pay the PMI even after their loan balance has dropped below the original 80 percent threshold. This occurs naturally, of course, as the home owner pays down the principal on the loan. On a typical 30-year loan, however, it can take many years to reach that point... Appraisals by John Nicholson Associates..

Also known as: Appraisals

Primary location: Lafayette United States