How to Save On Your Private Mortgage Insurance (PMI)

Private mortgage insurance (PMI) is usually required when a prospective home buyer doesn't have a large enough down payment (typically less than 20 percent) to put down on a home. These premiums can cost anywhere from one hundred to a few hundred dollars per month. However, there is a way to save money on your private mortgage insurance, so keep reading to learn how. 1. Cancel your private mortgage insurance (PMI) as soon as you can. Most PMI's can be canceled once you've put enough ...

Balloon Mortgages: What You Need to Know

This article will go over the basics of balloon mortgages - explaining how they work, the benefits and drawbacks of balloon financing and how you can apply for one. Keep reading to learn more. What are balloon mortgages? Balloon financing is intended to be short-term financing, but the initial monthly payments work like a fixed-rate mortgage. Basically, a balloon mortgage has a short term loan agreement, from just a short year to a more typical term of five or seven years, but the total ...

The Right Time to Buy your First Home

There are many economic and market forecasts and predictions, however the bottom line is if you want to buy your first home—there is no wrong time. There is because the motivation to buy is not determined by regional market conditions or by location. Industry opinions, economic reports and investor speculation do not sway or predict when a particular individual will be ready to buy. For the great majority of folks, the most compelling reasons to buy a home are based on individual circumstances ...