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Private Mortgage Insurance (PMI)
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If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan.
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Is Mortgage Life Insurance a Good Buy?
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Buying a house is one of the most expensive things most people will ever do. With the average home in the United States now costing more than $200,000, it will take a half a million dollars to buy it outright once the interest on the loan is taken into consideration and for most people, thirty years of hard work. But what if something happens to you during the life of your mortgage? What will happen to your family if you should die before the house is paid off? Will they have a place to live?
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