Searchtec Inc

Hassell Realty is a prominent real estate agency located in Montgomery, Alabama, specializing in a diverse range of properties including residential, land, rentals, and commercial listings. With a commitment to serving the River Region, they provide valuable resources and insights to meet the real estate needs of the community. As a member of the Montgomery Area Association of REALTORS, Hassell Realty is dedicated to delivering exceptional service through a professional roster of real estate experts. Their extensive market knowledge and recent property listings ensure clients receive comprehensive support in their real estate endeavors. Generated from the website

SpecialtiesSpecializing in: - Real Estate Appraisers - Real Estate Appraisers-Commercial & Industrial

When purchasing a home, a 20% down payment is typically the standard. The lender's only liability is often just the remainder between the home value and the balance remaining on the loan, so the 20% adds a nice cushion against the costs of foreclosure, selling the home again, and natural value fluctuations in the event a purchaser doesn't pay. During the recent mortgage boom of the last decade, it became common to see lenders reducing down payments to 10, 5, 3 or sometimes 0 percent. A lender is able to handle the additional risk of the small down payment with Private Mortgage Insurance or PMI. PMI guards the lender in the event a borrower doesn't pay on the loan and the market price of the house is lower than what is owed on the loan. PMI can be pricey to a borrower in that the $40-$50 a month per $100,000 borrowed is rolled into the mortgage monthly payment and frequently isn't even tax deductible. Different from a piggyback loan where the lender absorbs all the deficits, PMI is money-making for the lender because they acquire the money, and they receive payment if the borrower defaults.