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The Boise Real Estate Blog

Friday, June 21, 2019   /   by Greg Langhaim

What is Private Mortgage Insurance? Why Do I have to Pay it??

What You Need to Know About Private Mortgage Insurance (PMI)


Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
What is PMI?
Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It's a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.
Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost ...

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Friday, June 14, 2019   /   by Greg Langhaim

Time for Your Dream Home, Gen X Boise Residents!

Time for Your Dream Home, Gen X!


During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth.
According to Pew Research Center,

“Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)”.

The same report also mentioned,

“15% of Gen X’s homeowners were ‘underwater’ on their homes in 2010 (meaning they owed more than they owned). By 2016 only 3% were underwater.”

As a result of homes regaining market ...

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  boise home group, boise state, buying a home in idaho, greg langhaim, idaho, idaho real estate, moving to idaho, relocating to idaho, buyers, home buyers, housing economy, market crash, mortgage loans, mortgage rates, real estate, realtor

Monday, June 10, 2019   /   by Greg Langhaim

2 Myths Holding Buyers Back

2 Myths Holding Back Home Buyers


Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that,

“For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment…
…Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.”

Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate the funds needed to qualify for a home loan. According to the same report:
22% of renters and 31% of homeowners believe lenders require 20% or more of a home’s sale price as a down payment for a typical mortgage today. And,

“If a 20% down payment was r ...

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  boise home group, boise state, buying a home in idaho, greg langhaim, idaho, idaho real estate, moving to idaho, relocating to idaho, buyers, home buyers, real estate, realtor, mortgage loans, mortgage rates, housing economy, market crash

Friday, June 7, 2019   /   by Greg Langhaim

The Feeling You Get from Owning Your Home

The Feeling You Get from Owning Your Home


We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful and compelling ones.
No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, that feeling of safety and security you gain from owning your own home is simultaneously one of the greatest and most difficult to describe.
Frederick Peters, a contributor for Forbes, recently wrote about that feeling, and the pride that comes from owning your own home.

“As homeowners discover, living in an owned home feels different from living in a rented home. It’s not just that an owner can personalize the space; it touches a chord even more fundamental than that.
Homeownership enhances the longing for self-determination at the heart of the American Dream. Fi ...

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  idaho real estate, boise home group, greg langhaim, idaho, moving to idaho, buying a home in idaho, relocating to idaho, boise state

Friday, May 31, 2019   /   by Greg Langhaim

The Ultimate Truth about Housing Affordability!

The Ultimate Truth about Housing Affordability





There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.


On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…




“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”



Their methodology states:




“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enoug ...

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