Issue link: https://www.ifoldsflip.com/i/1330261
Q:Weboughtourhome withlessthan20per- centdown.Theresult isthatwehavebeen requiredtofinance withprivatemortgage insurance(PMI).Whatis thedifferencebetween PMIandmortgagelife insurance? A: Homes are large assets, and it follows that you can find many insur- ance products associated with residential real estate. Privatemortgageinsur- ance—generallyknown asPMI—comesintoplay whenyouwanttofinance orrefinanceproperty,and theloan-to-valueratiois lessthan80%.Forinstance, ifyoubuyapropertyfor $300,000andputdown $15,000,youhavealoan with5%down.Thismakes lendersveryuncomfortable. Theywantyoutoshare moreoftherisk.Theywant youtopay20%upfront. Thegoodnewsisthat youcanreadilybuyorrefi- nancewithout20%upfront. Thisisdoneeverydayby borrowerswhofinancewith backingfromsuchfederal programsastheFHA(as littleas3.5%down),VA (0%down)andUSDA(0% down)programs.PMIis simplyaprivate-sectorform ofmortgageinsurance. Withmortgageinsur- ance,theborrowerpays apremiuminexchange forcoverage.Ifsomething goeswrong,theinsurance companystepsinandpays themortgagelendersomeor allofthemoneylost. Mortgagelifeinsurance isdifferent.Lendersdonot requireit.Instead,itpays benefitsifyoudieorhavea terminal,chronicorcritical illness.Aswithallinsur- ancecoverage,youneedto investigatewhatsuchterms reallymean. Mortgagelifeinsur- ancetraditionallypays offthelenderintheevent ofaclaim.Sincethesize ofthemortgagebalance dropswitheverypayment, itfollowsthattheamount ofcoveragealsodeclines. Alternatively,somemort- gagelifeinsurancepolicies haveasetvalueandpay benefitsdirectlytopolicy- holders.Itisthenuptothe policyholderstodetermine howthemoneyshouldbe spent. Youmayfindthatmort- gagelifeinsuranceisavail- ablewithoutaphysical.This isaredflag.Ifaphysical isnotneededtogethealth insurancecoverage,thenit mightattractpeoplewith seriousillnessesandcondi- tions.Ifyou'rehealthy,it meansyoumaybepaying veryhighpremiumsthatdo notrewardyourgoodphysi- calcondition. Anotherredflagisthe willingnesstoreturnpremi- umsiftherehasbeenno claim.Soundsenticing.Let's sayyougetmortgagelife insuranceandpaypremi- umsfor25years.Youhave noclaim.Theinsurance companysendsyouacheck equaltoallpremiumspaid. Justbeawarethattimes change,andinflationcan substantiallyerodethe buyingpowerofyourdollars. Asanalternativeto mortgagelifeinsurance, speakwithinsurance brokersregardingother formsofcoverage.What isthecostforthesame amountofcoverage?Does thecoverageamountdecline overtime?Whogetsthe moneyintheeventofa claim?Andcertainly—if you'reingoodhealth— considerpoliciesthat requireacheckup. Emailyourrealestate questionsforPeterMillerat peter@ctwfeatures.com. Homeowners would like some clarification on the difference between PMI and mortgage life insurance MarketWatch By Peter G. Miller Discover a resort inspired life- style at Heritage Vineyard Creek! A gated community designed for 55+. Brand new solar equipped homes from 1,743 to 2,206 sq. ft. Designer features included such as granite countertops, stainless steel appliances, designer floor- ing and cabinetry and more! Includes private access to the Resort Clubhouse, fitness center, pool and spa. 7463 Golden Stars Way off Gerber between Elk Grove Florin Rd and Bradshaw. Schedule your self-guided tour today. 57SACRAMENTO HERITAGEVINEYARDCREEK FromtheHigh$400,000s (916) 642-7265, (916) 304-9906 Lennar.com/Sacramento 38.4833823 -121.3670529 38.4833823 -121.3670529 The Redwood Collection offers a collec- tion of new homes in Sacramento with easy access to shopping, schools and many other services. Residents will enjoy an easy commute to Downtown Sacramento, Elk Grove and Folsom.The Redwood Collection at Park- side offers five floorplans ranging from 1950 sq. ft. – 3427 sq. ft. Including Lennar's The Home Within A Home® floorplan. This home provides both privacy and togetherness for today's modern family—featuring a separate pri- vate entrance, bedroom, bathroom, laun- dry, eat-in kitchenette and living room. Call to schedule your self-guided today. 58 SACRAMENTO REDWOOD COLLECTION PARKSIDE From the Mid $500,000s (916) 312-2744, (916) 670-1159 Lennar.com/Sacramento 38.520 -121.352 38.520 -121.352 Sutter Park resides within one of Sacra- mento's most highly sought-after park neighborhoods, East Sacramento. This iconic community offers three different product lines ranging from 1,546 sq. ft.- 3,114 sq. ft. with up to 5 bedrooms and 4.5 baths. Each community is uniquely designed with historic architecture rem- iniscent of yesteryear that surrounds a beautiful community park. Sutter Park is situated within easy walking and bik- ing distance to numerous coffee shops, restaurants, boutiques, and art galleries, as well as exceptional private K-12 and university education. Visit us today! Pric- es range from the $800,000's to $1.3M. Model tours will temporarily be shown by appointment only. Call sales office to schedule. (916) 787-3490;TimLewis.com 59 SACRAMENTO SUTTER PARK From the $800,000s (916) 787-3490 SutterParkLiving.com 38.5717779 -121.4402978 38.5717779 -121.4402978 Discover a life of balance at Asana. The stunning single family homes offer two and three level homes range from 2,560 to 3,633 sq. ft. with 3- 5 bedrooms. The central community green offers solitude and connectivity, allowing you to recharge and connect with your surroundings. While the commu- nity Clubhouse offers the ideal venue for parties complete with a kitchen and outdoor seating. Situated in Silicon Valley, Asana's location provides easy access to both the 101 and the Capital Ex- pressway. 60 SAN JOSE ASANA From the $1.1 Millions (408) 620-4297 DeNovaHomes.com 37.322448 -121.8154077 37.3208622 -121.8104407 Round Barn is City Ventures' new townhome community in Fountain Grove, Santa Rosa's gateway to the Russian River Valley and the perfect intersection of new tech and old town charm. Solar-powered and all electric, these unique townhomes are built with energy-efficiency and your comfort in mind. Inspired by the past. Built for the future. Round Barn. Up to 1,884 sq. ft., 3 - 4 bedrooms, Versatile floorplans. First floor bed- room suite, office and gym options. Solar panel system included. Com- munity pool, cabanas, parks, playgrounds and garden. From the High $500,000s RoundBarn@cityventures.com 61 SANTA ROSA ROUND BARN BY CITY VENTURES New Sales Release – View Locations (707) 657-3353 RoundBarnNewHomes.com 38.365 -122.635 38.4755342 -122.7283111 Open By Appointment Only Located in Sonoma, California, Mockingbird Lane is just one mile from the Sonoma Plaza. Featuring 16 exceptionally designed two-story homes with a detached garage, the main resi- dences range from 1,813 to 2,536 sq. ft., up to 4 bedrooms and 3 baths. Twelve homes include a two-story 742 sq. ft. cottage which features a full kitchen and liv- ing space downstairs with a loft, bedroom, full bath, and space for a full washer and dryer upstairs and a single parking stall. The cottage has many uses including a work or study space, guest house for visiting friends and family, or maybe even a home for extended family! Schedule a private tour today! 62 SONOMA MOCKINGBIRD LANE Starting from $1.2 Million (707) 366-6899 DeNovaHomes.com 38.285917 -122.4695777 38.285917 -122.4695777 Two new communities with 9 new models in the desirable El- lis master plan. Berkshire offers 4 floorplans with 2,865-3,613 sq. ft., 3-4 bedrooms, and 2.5- 3.5 bathrooms. Priced from the low $700,000s. Zephyr features 4 floorplans offering 2,002-2,594 sq. ft., 2-6 bedrooms, and 2-3 bathrooms. Priced from the high $500,000s. Living in the Ellis com- munity, you'll enjoy the Village Green, the future village center and the future aquatic center. Open to tour by private appoint- ment. 63 TRACY BERKSHIRE & ZEPHYR 2 Neighborhoods Now Selling! (916) 597-4079, (877) 231-0059 woodsidehomes.com/norcal 37.719 -121.478 37.697892 -121.464567 Welcome to Ellis, a new master- planned community now selling in Tracy. Explore family-friendly neighborhoods paired with a modern lifestyle, featuring out- door social spaces and play- grounds plus a planned dog park, aquatic park and on-site market- place with shopping and din- ing. Open by appointment only! Berkshire and Zephyr are located at 2275 Augusta Ave., Tracy, CA 95377. Follow @LiveAtEllis on Fa- cebook and Instagram for news and updates. 64 TRACY ELLIS New Homes from the $500,000s (877) 321-0595 EllisTracy.com 37.703167 -121.43 37.703167 -121.4602358 Interest list now forming! Luxury homes in the perfect place at the right price. Magnolia Park by Bright Homes is a spectacular new community of both single family attached and detached homes. Four plans boast 1,782-2,144 sq. ft., 3-5 bedrooms, 2-3 bathrooms, impressive amenities, plus an ar- ray of options to customize your home. Located in the heart of Tracy and conveniently located to schools and many amenities. Join the interest list now to receive up- dates on this community! 65 TRACY MAGNOLIA PARK Phase 1 Now Selling! (209) 836-0307 Bright-Homes.com 37.6591204 -121.6209277 37.6591204 -121.6209277 Community Closeout! Model Homes will be released for sale soon! Get pre-approved by our designated lender to get on the priority list! Call 209-553-6031 or visit us online for more details. Santosha features 71 single-family homes with four floor plans ranging from approxi- mately 1,732 to 2,210 sq. ft. and include 3 to 5 bedrooms, up to 3 baths, and all the ameni- ties you expect from DeNova Homes. Located in the heart of Tracy, Santosha of- fers easy access to the freeway making it convenient to commute to the Tri-Valley area and major employment hubs. Santosha is also close to a variety of dining and shop- ping centers along with parks and recreation centers. Live near it all at Santosha in Tracy! 66 TRACY SANTOSHA The Low $500,000s (209) 553-6031 DeNovaHomes.com 37.7459719 -121.4700049 37.7459719 -121.4700049 Welcome to Bristowe - the newest addition to the North Village mas- ter planned community! Bristowe at North Village features single and two story homes ranging in size from approximately 1,815-3,344 sq. ft. four different floor plans offer 4-5 bedrooms, 2-4.5 bathrooms, and room options to customize your new home. North Village is close to com- mute routes, shopping, schools, and recreation. Find your dream home at Bristowe at North Village! Sales Office and Models open by appoint- ment only, please call or visit us on- line to schedule an appointment. 225 Gannet Street, Vacaville, CA 95688 67 VACAVILLE BRISTOWE AT NORTH VILLAGE From the Low $600,000s (707) 474-9918 seenohomes.com 38.395 -121.912 38.404942 -121.942882 *Source:2020ScarboroughResearch ThisNewHome Finder map guide reaches Sunday BANG + e -E dit io n Readership 615,100 * BANG includes The Mercury News and East Bay Times + e-Edition Over the Altamont/Central Valley Your guide to finding the perfect dream home. Oregon Coast Reno/Tahoe/Nevada Your guide to finding the perfect dream home. San Francisco Bay Area Riverchase is a new home com- munity in West Sacramento, featuring a collection of 222 two story contemporary homes wrapped around a private, central park. Homes range in size from 1,559 to 1,835 sq. ft. Riverchase offers close proximity to down- town with the comfort and peace of mind of a quiet suburb. Call to schedule a private walk through. Located at 3131 Bobwhite Court in West Sacramento. 68 WEST SACRAMENTO RIVERCHASE From the Low $400,000s (916) 462-6888 Riverchase.net 38.5432001 -121.5764771 38.5432001 -121.5764771 An exciting new community in the charming city of Winters. Timeless single- and two-story home designs are matched with modern appointments and offer 1,780 to 2,778 sq. ft. Stones Throw will include parks, open space and an excellent living experience for those starting out, moving up or downsizing. Exterior architectural designs have been inspired by the area's distinct history and style and complemented by today's aesthetics. Model Location: 908 Wyatt Lane, Winters 69 WINTERS STONES THROW From the High $400,000s (916) 262-8800 HomesbyTowne.com 38.586 -121.874 38.5329378 -122.0126304 Find a perfect family-friendly community of new homes for sale at Spring Lake. Offering a collec- tion of 15 distinctive floorplans including single- story layouts and our innovative Next Gen® –The Home Within A Home® designs. From gourmet kitchens with expansive islands, to luxurious master suites and open floorplans – each home offers great value thanks to our signature Eve- rything's Included® program. Allowing you to enjoy high-end features and upgrades in your brand-new home, such as stainless steel appli- ances, solar, home automation and more. With large open-concept living spaces, three-bay garages, plenty of bedrooms and luxurious mas- ter suites – get your family home where there's plenty of growing room for every member. 2116 McConnel Place Woodland, CA 95776 Schedule your self-guided tour today. 70 WOODLAND SPRING LAKE From the Mid $500,000s (916) 250-1226, (530) 379-2782 Lennar.com/Sacramento 38.6558836 -121.7481022 38.6558836 -121.7481022 This beautiful new community located in the charming town of Woodland offers 4 floorplans featuring 1,702 – 2,607 sq. ft., 2-5 bedrooms, and 2-3.5 bathrooms. This Pines is in a great location near parks and walking trails. Small town charm of Woodland but convenient location near Hwy 113 and Interstate 5 for an easy commute to Davis and downtown Sacramento. Great schools. Open to tour by private appointment. 71 WOODLAND THE PINES AT SPRING LAKE From the Mid $400,000s (916) 597-4079, (877) 231-0059 WoodsideHomes.com/norcal 38.660 -121.723 38.657468 -121.751457 Reserved for your New Home Community. ContactSandyLekat slek@bayareanewsgroup.com H8 BAYAREANEWSGROUP 111 Homes | Advertising Section