You’d love to find a place that’s the right size for you, but what do you do about all that “stuff”? Michael Olear from MJ Peterson has 30 years experience and he will offer a simple, step by step approach to preparing for a downsizing move. Ideas will include:

• What are the components of a successful plan?
• How can you reduce the stress and simplify the process?
• What questions do you need to ask estate sale professionals?
• Is the real estate market better for buyers or sellers right now?
• What requirements are imposed by banks and municipalities when you sell?

This is a free seminar offered at noon on Thursday, August 8, at Eagle Crest Senior Village, 100 Weiss Ave., Orchard Park.

Michael Olear’s first career was social work. He has an MSW from UB. He’s combined those experiences with real estate brokerage and offers a unique blend of knowledge areas for consumers. He has provided seminars throughout Erie and Niagara Counties for over 10 years in area churches and community centers.

To reserve a seat, please call 880-4442. A light lunch will be served.

While experienced home buyers might know the thought process behind private mortgage insurance — commonly referred to as PMI — first-time homeowners might be new to the term and have no idea what it is or why it’s needed. So, here’s the 411 on PMI.

If you’re purchasing a home and your downpayment is less than 20% of the purchase price, your mortgage lender will require private mortgage insurance. Very simply, PMI protects the lender in the event that you can no longer make your mortgage payment. The cost for PMI is rolled into your monthly mortgage payment and automatically goes away once you’ve built up equity of 20% in your home.

Nationally, the average downpayment on a home last year was 13%, which means there are a lot of homeowners required to carry PMI. The overall cost of the policy is based on your loan-to-value ratio and typically costs anywhere from $30 to $70 per month.

We hope that helps clear up the issue of PMI and why it’s required, but if you have additional questions or concerns, please contact The Olear Team today!