PMI, or Private Mortgage Insurance, is required by banks when you finance more than 80% of the value of the home. This protects banks in the event homeowners foreclose and the bank cannot sell the house for enough to pay off the loan. Private Mortgage Insurance is expensive, typically adding over $100 to your monthly [...]
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A friend of mine just got married, and has already started the obligatory house-hunt exercise with his new wife. He asked me about the timing of buying a home in the current real estate market, and I asked him if he was financially prepared for home ownership. His response: “Not really, but we’re married now [...]
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