There is always the right way and easy way to do things in life. Then there is the wrong way and the hard way and when it comes to purchasing your mortgage insurance, this is no exception. Sadly, the majority of people who buy mortgage protection do things the wrong way; these people purchase their [...]
Copyright (c) 2008 Peter Kenny
Private mortgage insurance solves the down payment problem but creates two new problems. Your monthly payments will be larger and on top of that it is not tax deductible. Fortunately, there is more than one way to get your desired home without having the 20% down payment and avoid [...]
Ideally, traditional mortgage lenders want new homebuyers to have a 20% down payment when purchasing a new home. Thus, if purchasing a $200,000 home, you should be prepared to have $40,000 as a down payment.
Unfortunately, many people do not have this kind of money lying around. For this matter, private mortgage insurance (PMI) was created [...]
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