If you put less than 20% down on a home and you use conventional financing, you will need PMI. You have two options for the coverage – borrower-paid or lender-paid. Borrower paid insurance is when you make monthly premium payments until you owe less than 80% of the home’s value. You are able to Read more
Piggyback Loan or PMI – What’s Better?
If you are unable to put 20% down on the home you purchase, you have two options – pay PMI or take out a piggyback loan. Either way, you help lessen the risk the lender takes by providing you a loan without a large down payment. Both choices have the same end result – you secure more than 80% of the Read more
How to Get Lower Mortgage Payments?
Mortgage payments take up a significant part of your monthly income. When buying a home, how much of your paycheck goes to paying your home loan is therefore a significant point of consideration. Take note that it is not the only expense you’re going to have to answer to. There are your utility Read more
Meet Cash-in Refinance, Its Benefits and Considerations
What refinance would require money to be brought to the mortgage at closing? Cash-in refinance does and it’s a strategic move to eliminate your mortgage insurance and more. Because it requires a cash infusion, this refi option is clearly not for everyone. But it can work well if all things are Read more
What Tax Write-Offs Can New Homeowner’s Use?
Purchasing a new home means more than having a monthly mortgage payment. It also means you have access to many more tax write-offs you did not have before. Before you start your taxes after purchasing a new home, learn about these various write-offs to see how you can reduce your tax Read more
