Tag Archives: loan

What is PMI–Private Mortgage Insurance?

The majority of us need some kind of financing in order to purchase a home. Many homeowners also elect to make monthly payments into an escrow account in order cover property taxes and insurance. The average house payment includes principal and interest, along with the escrow fees due and adjusted each year. However a large number of homeowners pay another charge every month known as “PMI” or Private Mortgage Insurance. PMI is usually required on conventional loans when the down payment is less than 20% of the loan. PMI protects the bank or lender when a home buyer defaults on … Continue reading →

Considering Buying a Condo?

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When searching all over the region for a home, we found buying a condo to be the best way to get a home in a nice area and decent square footage for the money at the time. There can be benefits to condo living. • Community is one. Many people like the thought that there are neighbors close around them that have a general interest in the security of the community. • Outside maintenance is typically taken care of though your homeowners association dues, also referred to as HOA dues. Typically this covers yard maintenance outside of private fenced areas, … Continue reading →