Tuskegee Realty Co

Knight Real Estate & Appraisal is a reputable company based in Auburn, AL, offering expert assistance in finding the perfect property in Lee County. With a diverse range of living situations and thriving job opportunities, Auburn and Opelika provide an ideal environment for those looking to relocate. Renowned for its public schools, sporting events, and a culturally rich heritage, this fast-growing metropolitan area also boasts world-class golf courses, making it a haven for golf enthusiasts. Whether you seek a quiet country mansion, a historic farm, a luxury estate, or a city-center condo, Knight Real Estate's experienced team will help you find a Lee County property that perfectly suits your lifestyle and needs. With their extensive knowledge of the local market and dedication to customer satisfaction, they are committed to making your Auburn home buying experience seamless and enjoyable.Generated from the website

Toland Realty, located in Auburn, AL, specializes in providing exceptional service for those navigating the complex process of buying or selling a home. Their team of experienced Realtors is dedicated to alleviating stress and ensuring a seamless experience through their expertise and commitment to going the extra mile. Generated from the website

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.