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May 02, 2005
House: Buy vs. Rent
Generally speaking, it's good to rent when the real estate market is going down and good to buy when it's going up.If you are not putting a downpayment worth at least 20% of the total value (i.e. sale price) of the home, then lenders will require you to take out something called “PMI” (Private Mortgage Insurance). So if you’re buying a $200,000 home, you must put down at least $40,000, or you will be forced to take out PMI.
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Posted on May 2, 2005 09:33 AM by mortga184.
Filed in Mortgage Calculator under mortgage insurance.
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Comments
I totally agree with what you're saying. I wish more people felt this way and took the time to express themselves. Keep up the great work.
Mary Anne Martin
http://www.buytoletmortgagesez.com
Posted by: Mary Anne Martin at January 26, 2006 03:32 AM
