BroCon Realty Group
We are here to serve all of your real estate needs!
Search for properties:
Address
Homeowners get Your Home’s Value for FREE
Find out what your home is really worth in today's market.
RECENTLY SOLD
- 1/9 9
closed
$129,999
9.6%$117,500
3 Beds1 Bath1,131 SqFt102 N Stone, Fulton, MS 38843
Single Family Home
Listed by BROCON REALTY GROUP, LLC
- 1/29 29
closed
$335,000
2.2%$327,500
3 Beds2.5 Baths2,590 SqFt33 Quail Valley Road, Tupelo, MS 38804
Single Family Home
Listed by BROCON REALTY GROUP, LLC
- 1/18 18
closed
$229,500
1.1%$232,000
2 Beds2 Baths1,399 SqFt814 Clayton, Tupelo, MS 38804
Single Family Home
Listed by Pratt and Associates Realty, LLC
See What My Clients Have To Say!
Jonathan Ray
LeVetta is definitely the IT girl when it comes to real estate in Mississippi. I live out of state and we first viewed the property together through FaceTime. LeVetta was attentive, detailed oriented, hospitable and educated in the world real estate. 10/10 I would definitely recommend.
MY BLOGS
What Is PMI?
What Is PMI?
When you're in the market to buy a home, understanding the various components of your mortgage is crucial. One term you'll likely encounter is Principal Mortgage Insurance, commonly referred to as PMI. This insurance can significantly impact your monthly payments and overall home-buying budget, so it's essential to grasp what it is and why it exists.Principal Mortgage Insurance is a type of insurance that lenders require from homebuyers who make a down payment of less than 20% of the home's purchase price. PMI protects the lender in case the borrower defaults on the loan. Since buyers with smaller down payments are considered higher risk, PMI offers an added layer of security for lenders by mitigating potential losses.The primary reason PMI exists is to encourage lenders to offer loans to a broader range of buyers. Without PMI, many prospective homeowners might struggle to secure financing, especially those who cannot afford a substantial down payment. By reducing the risk for lenders, PMI makes it possible for more people to achieve their dream of homeownership.PMI payments are typically rolled into your monthly mortgage payment, meaning you'll pay a bit extra each month until you reach 20% equity in your home. Once you've built up enough equity, you can usually request that your lender cancel the PMI. In some cases, PMI may automatically terminate once you've reached 22% equity based on the original purchase price or appraised value at the time of purchase.While no one enjoys paying extra fees, Principal Mortgage Insurance serves an important purpose in the real estate market. It allows buyers with less upfront capital to obtain mortgages and start building equity in their homes sooner rather than later. By understanding how PMI works and planning accordingly, you can better navigate your mortgage options and make informed decisions throughout your home-buying journey.
MOREPreparing My Finances For Homebuying
Preparing My Finances For Homebuying
Buying a home is a significant milestone, and preparing your finances is an essential step in the process. As a potential buyer, understanding the key steps to get your finances in order can make the journey smoother and more successful. Here are some crucial steps to consider when preparing your finances for homebuying.First, assess your current financial situation. Start by reviewing your credit report and score. A good credit score can help you secure better mortgage rates. If your score needs improvement, take steps to pay down debt and make timely payments on all accounts.Next, determine how much house you can afford. This involves calculating your debt-to-income ratio (DTI), which lenders use to gauge your ability to manage monthly payments. A lower DTI increases your chances of getting approved for a mortgage. Use online calculators or consult with a financial advisor to estimate what you can comfortably afford.Saving for a down payment is another critical step. While the traditional 20% down payment is ideal, there are various loan programs available that require less. However, be aware that putting down less than 20% might result in private mortgage insurance (PMI), which adds to your monthly costs.Building an emergency fund is also important. Homeownership comes with unexpected expenses, from repairs to maintenance. Having a cushion of three to six months' worth of living expenses can provide peace of mind and financial stability.Additionally, get pre-approved for a mortgage before you start house hunting. Pre-approval not only gives you a clear picture of what you can afford but also shows sellers that you are a serious buyer.Lastly, consider future financial goals when planning for homeownership. Investing in a home is a long-term commitment, so ensure it aligns with other financial objectives like retirement savings or education funds.By following these key steps—assessing your finances, determining affordability, saving for a down payment, building an emergency fund, getting pre-approved for a mortgage, and aligning with future goals—you'll be well-prepared for the exciting journey of buying a home.
MOREWhy Current Interest Rates are the Sweet Spot!
Why Current Interest Rates are the Sweet Spot!
In today's dynamic real estate market, interest rates are a focal point for both buyers and sellers. With recent developments leading to lowered interest rates, we're currently witnessing a unique 'sweet spot' that offers significant advantages for everyone involved in the housing industry. This blog will delve into how these favorable rates benefit sellers, buyers, and the mortgage landscape as a whole.**Sellers: Seizing the Opportunity**Sellers often wonder whether they should wait for property prices to climb higher or take action now. Lowered interest rates provide a compelling argument for the latter. When interest rates decrease, more buyers enter the market, enticed by the prospect of smaller monthly mortgage payments. This influx of potential buyers increases the demand for homes, enabling sellers to potentially receive multiple offers. It's an excellent opportunity to negotiate better terms or even sell above the asking price. Thus, lowered interest rates result in quicker sales at more favorable prices for sellers, making the current market situation particularly advantageous.**Buyers: A Golden Moment**On the flip side, buyers are equally benefiting from the lowered interest rates. When interest rates fall, the cost of borrowing cheapens, making homeownership more accessible. Buyers can now afford to stretch their budgets without significantly increasing their monthly payments, allowing them to consider homes that might have previously been out of reach. Lower interest rates not only make home buying more feasible but also make it a financially sound decision compared to renting. Over time, buyers can accrue substantial savings on interest, redirecting those funds towards other investments or home improvements.Moreover, lower interest rates play a critical role in improving buyer confidence. Knowing that they can secure favorable loan terms, more potential buyers are encouraged to take the plunge into homeownership. This uptick in buyer confidence fills the market with serious contenders, further driving up demand and creating a balanced, competitive environment.**Mortgage: Lending Smarter**The impact of lowered interest rates extends directly to the mortgage industry, encouraging a healthier lending environment. When rates decline, the total cost of loans decreases, making it easier for lenders to approve mortgages. Increased mortgage approvals lead to more transactions, benefiting financial institutions through volume, even if individual profit margins per loan might be smaller.Lower interest rates also provide the perfect opportunity for existing homeowners to refinance their mortgages. By locking in lower rates, they can reduce their monthly payments, shorten their loan term, or even withdraw some equity to fund home improvements or other financial goals. Refinancing options increase consumer satisfaction and loyalty, potentially leading to more business for lenders in the long run.Additionally, lower rates make mortgage products more attractive to consumers across the board. Loan products like adjustable-rate mortgages (ARMs), fixed-rate loans, and FHA loans become even more appealing, providing borrowers with a wide range of options to suit their specific needs and financial situations.**Conclusion: A Symbiotic Advantage**In summary, lowered interest rates create a unique sweet spot in the real estate market. Sellers benefit from increased buyer demand and higher selling prices, while buyers gain access to more affordable borrowing and better terms. The mortgage industry sees upticks in both new mortgages and refinancing activities, contributing to a robust lending environment. For those contemplating a real estate transaction, the current interest rates present an opportunity worth seizing. Whether you're selling, buying, or considering a mortgage refinance, now is an incredibly advantageous time to act. Cheers to making the most out of this golden period in real estate!
MORE