Although the economy is doing well, and the unemployment rate is low, there are still millions of Americans living paycheck to paycheck. Some estimates are there are 45 million Americans who are living in poverty, depending upon how poverty is measured. Even though there is much more technology and productivity these days, the median family […]
As home buyers decide between an FHA and conventional mortgage, it is important to consider the matter of mortgage insurance. On a conventional mortgage, if you put down less than 20% down payment, you must have mortgage insurance until you have reached 20% equity. At that time, you can request that the insurance be cancelled. […]
Most Americans who pay for private mortgage insurance very month, also called PMI, do not like paying for it. PMI protects the lender against loan default for those who put down less than 20% when they bought the home. For most mortgage insurance companies, providing PMI is a very profitable business indeed. Mortgage insurance premiums […]
Private mortgage insurance (PMI) helps home buyers move into a home without putting down at least 20%. Some financial experts think paying for PMI is ok if it means you can move into a home years sooner and stop paying rent. But others say that PMI is an unnecessary expense and should be avoided at […]
Most Americans want to buy a home, but many people hate paying for private mortgage insurance. You are required to carry private mortgage insurance (PMI) on a home loan if you do not have the cash to make at least a 20% down payment on a home. PMI will cost you between .20% to 1.5% […]
At the end of 2017, there were serious wildfires in northern and southern California that affected Los Angeles and Ventura counties in the south. Hundreds of homes were damaged or destroyed and thousands of people are still in need of help. Some of these people had their homes burned to the ground. The fires are […]
Having Problems with a Home Owners Association? They do what they want when they want and when I complain it goes on deaf ears… In the 1960s, there were only 500 HOAs in the US. But they have gotten much more numerous since then. According to the Community Associations Institute, there are 62 million US […]
The housing market is hot in 2018. Interest rates are creeping up. Signs are the economy is going well, so it is likely that interest rates will rise in the next year. It is understandable that many people who are renting want to get in on owning a home before rates get too high. But […]
How long do I pay? How much do I pay? Can I even get rid of it? When you buy a home with less than 20% down, you must pay for mortgage insurance (PMI). If you are not sure what mortgage insurance is all about, this article will help to make it clear. Overview of […]
You have to make it happen, because they won’t. Federal law requires many mortgage providers to remove PMI under some circumstances. Some lenders may also allow for PMI to be removed, according to their own standards. Standards for getting PMI removed from a mortgage have been established under the Homeowners Protection-Act. The law provides two […]