Paying PMI is Not Good
Paying PMI is bad. I had a new client come in for a pre-approval the other day and say that PMI is bad and he only wants loans where he doesn’t pay PMI. I asked him why, and he said because you can’t write it off and it’s a waste of money. So I gave him the option of...
No Big News in Economics This Week
Not a lot of news this week, but interest rates slid down .125% in most categories. Jobless claims for the week were down a bit, and the ISM came in with a strong number. That didn’t move the markets, so we are in wait and see mode.
You Can Fix Your Credit Score
Client who was referred by 2 different people at work called me after 1 year of fixing his credit. I had given him 6 items to work on, on 3/3/15. This week he called and said he thought he was ready. His 548 middle credit score from last year is now 698; in fact 1...
Two Ways to Avoid PMI. This Answer May Surprise You
If you have less than 20% down, you have to pay PMI. FALSE. There are 2 ways to avoid PMI. One is to do what we called tandem financing or a “piggyback loan.” The first bigger loan is 80% of the price of the home, as if you have 20% down. Then we give you a second...