What Private Mortgage Insurance and why do I have it?
Years ago when your grand parents bought a home they saved each extra penny they could until they had enough for a down payment that was equal to at least 20% of the price of their dream home.
More likely your grand father was likely was returning veteran of WWII or the Korean War and then they used their entitlements benefits under the GI Bill and probably bought their firs home with a VA loan with no money down.
For the rest of us who can’t put together a tidy sum of 20% in cash for a down payment on a home which in Raleigh could be as much as $35,000 there’s Private Mortgage Insurance (PMI).
Private mortgage insurance exists in a variety of forms.
Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand.