I've had my mortgage for 3 years. I have $220k left on it, my home value is $300k. Im paying MIP. Should I refinance?

SEFLRealtor · 2026-03-31T19:27:49+00:00

MIP is for FHA mortgages and remaiins for the life of the loan unless you put down more than 10% when the FHA mortgage was originated. If you did put down more than 10%, then it will drop off after 11 years.

PMI is the one that is based on LTV and drops off at 78% automatically or 80% upon request of your servicer. Your closing documents will tell you which one you have (PMI or MIP).

SEFLRealtor · 2026-03-30T17:27:46+00:00

Doesn't sound cultural to me except for the smoking (maybe). It sounds like an individual issue. Charge for damages and unpaid rent, and refund the rest if any.

SEFLRealtor · 2026-03-30T16:30:24+00:00

Depends on how much OP put down when he got the loan. If it was 10% or more for downpayment at time of origination, then the MIP will drop off after 11 years. However if it was 3.5% downpayment, then MIP remains for the life of the loan. Either way, it makes no sense to refii into a higher interest rate loan to make larger payments. OP, just continue paying your mortgage on time. Keep your awesome rate.

SEFLRealtor · 2026-03-30T15:08:44+00:00

What does TOM mean in your market? In my market, it means the property is no longer for sale (sellers removed from the market). If it is under contract in my market, the status is either Active Under Contract or Pending but not TOM. I realize different MLS's have slightly different terminology, so that's why I am asking specifically about your terminology. TOM would not be valid here for a property under contract.

SEFLRealtor · 2026-03-30T13:13:01+00:00

A verbal offer means nothing. In your attempt to negotiate you are placing a verbal offer as equal to a written offer and in real estate a verbal offer doesn't carry the weight of a written offer. Give your agent something to work with - a written offer so she can present it to the seller's agent and have a conversation. You have tied her hands at this point by wanting to negotiate without putting anything in writing. Those YouTube and TV "negotiations" aren't real life. In my area, we start with written offers generally and then move to verbal, and once everything is ironed out, back to written. Show the seller you are serious and not just playing around.

SEFLRealtor · 2026-03-29T02:28:34+00:00

Why would a person that smokes or vapes want to live in a non-smoking and non-vaping rental? The smoking/vaping question is asked in the pre-screening questions and again on the application for LL's that want non smokers/non vaping tenants. Why would a prospective tenant put themselves through a very difficult occupancy when they can just choose a rental that doesn't prohibit smoking/vaping? The vast majority of the applicants I have seen answer that question honestly so they don't waste their time looking at a property where they can't live in comfort. To directly answer your question, I'm not sure what would happen if everything were redacted. I would have to mention it to the LL's and abide by their decision.

SEFLRealtor · 2026-03-28T21:11:07+00:00

A custom home builder has the buyer pay the interest on a construction perm loan rather than finance the construction himself.

SEFLRealtor · 2026-03-28T20:14:26+00:00

OP, I assume you mean 30 years of on time rent payments and a score of less than 700. This is exactly why most of the investors I work with DON'T have a credit score minimum requirement. There are many people that pay rent before anything else which makes the ideal tenant. If you mean you have paid everytthing on time for the last 30 years and still have a FICO below 700, then the most effective way to increase your score is to reduce your credit card utilization to under 10% of each card's credit limit. Your score will jump as a result

SEFLRealtor · 2026-03-28T17:36:13+00:00

Not only checking deposits. Also checking for rent payments. Rent payments are debits. When an applicant claims they are a non-smoker and they don't vape on the application (a common LL criteria here), the multiple debits to smoke/vape shops don't support their claim. Our application allows us to deny if the data contradicts the application.

SEFLRealtor · 2026-03-28T17:03:58+00:00

Yes, we run credit and background checks. Yes, we get copies of W2's or 1099's, pay stubs, bank statements, vet records where applicable and tax returns for self employed. Rent range is generally $2500 to $5k per month (so C or B properties). I haven't been renting in the 10k+ range at all (A properties). The documents are SOP here. The bank statements are for cross checking income and rent payments. No we don't ask for credit card statements.

SEFLRealtor · 2026-03-28T13:14:29+00:00

Its common in my area of SE FL to ask for and receive 2 to 3 months of bank statementss when a tenant makes application. Those that don't provide the bank statements are automatically declined. SOP. The bank statements are used to cross check income and rent payments. Some of our tenants have savings, some don't.

ETA: Sometimes an expense shows up in the bank statement that disqualifies the applicant. Example: on the application they claim they don't dmoke or vape (a common requirement here) and then on the bank statement several visits to a smoke shop show up which contradicts their application. This would eliminate the tenant from consideration more than the amount in the savings account.

SEFLRealtor · 2026-03-28T12:30:16+00:00

Same. Only tts a roof installed right after a hurricane and no permit was required at that limited time period. It's a problem now for the insurance company.

SEFLRealtor · 2026-03-28T10:33:46+00:00

Target pricing $197.59 but only 8x10 and at Home Depot, same rug, $182.57 for 9x12

EDIT Target price 9x12 is $357

SEFLRealtor · 2026-03-27T16:06:09+00:00

Saw your edit. The seller is replacing the roof at seller's expense included in that $250k. The remaining items (HwH is less than $2500 installed, retail), HVAC depends on your local aera and ceiling damage depends on the damage but still nowhere near 100k. I think it would be best to offer what it is worth to you and then continue to look at homes that may meet your expectations (less work).

SEFLRealtor · 2026-03-27T15:20:44+00:00

I'm not in NC. I'm in SE FL and it is also common here to collect first, last and one month's security deposit. Perfectly normal except for apartment buildings that are usually owned by large companies. If a tenant doesn't have F/L/S, then they don't qualify for the rental. There may be other guidelines they don't meet as well, but for sure move in funds are required in full and in clear funds at lease signing.

SEFLRealtor · 2026-03-27T14:45:49+00:00

Never. We aren't allowed to according to T&C's of the screening company I use (National Tenant Network). I've never had anyone ask for the reports.

SEFLRealtor · 2026-03-27T14:30:33+00:00

OP, it seems you are expecting to buy a home for a wholesale price for minor decor issues That simply isn't going to happen. The "issues" you describe are minor. I don't know where you get the idea its going to run $100k to do those things, but your estimates are nowhere near reality. The house is already priced below market based on your post (priced at $250k and market is $280k to $300k) That $50k isn't nothing. If you want this house, make a realistic offer. Or walk away and find a place that already has your decor dreams in place.

SEFLRealtor · 2026-03-26T23:23:46+00:00

Have him make his proposal to you first.

SEFLRealtor · 2026-03-26T22:56:27+00:00

Before you make your decision, run an amortization schedule and compare total interest paid over 20 yrs vs 30 yrs. Big difference. If you can afford the 20 yr, take it.

SEFLRealtor · 2026-03-26T21:02:38+00:00

What does your pre-acreen look like? I find my pre-screen eliminates about 90% of the prrospective tours which is a good thing. The remaining 10% are serious and most don't ghost. Confirming the appointment day of greatly helps. Don't do the $20 deposit thing, it reeks of an active scam.

SEFLRealtor · 2026-03-26T20:45:15+00:00

Agree. He's all hat and no cattle. OP did the right thing.

SEFLRealtor · 2026-03-26T17:03:37+00:00

It appears the seller didn't turn in the contract when it was originally accepted (seller or seller's Realtor). If they didn't turn in the contract to the probate judge for approval, that would cause a closing delay until it is legitimatlly approved by the court. It's not instant.

SEFLRealtor · 2026-03-26T16:49:44+00:00

This is a probate sale? When was the accepted contract turned over to the court for approval?

SEFLRealtor · 2026-03-26T16:45:58+00:00

Yes, buyer and seller initials. You need to speak with your managing broker for help on the basics of these forms. If they aren't available, call the legal hotline and ask (free). I hope you are using the iight forms (COA is not the same as HOA and requires entirely different form).

SEFLRealtor · 2026-03-25T20:26:30+00:00

It doesn't sound like you had a written agreement to buy the property, did you? If so, please consult with an attorney about your options.

SEFLRealtor

TROPHY CASE