Not everything that’s legal works to your benefit…

The Legal Theft Called Private Mortgage Insurance

… and how to avoid it

Photo by W A T A R I on Unsplash

When we bought our first home, we couldn’t afford the recommended 20% down payment. Heck, we could barely afford to bring $10,000 cash to the closing table.

Since this was our first time getting a mortgage, here’s all we knew about mortgages:

• We needed one to be able to pay for the house and closing costs
• The lower the interest rate, the better
• We’d have to pay the lender each month for 30 years (or until we sold the house, whichever happened first) or we’d lose the house

What Is Private Mortgage Insurance

So, you decided to buy a home. Congratulations! That will probably save you tens of thousands of dollars in the long run.

A Landlord’s Surprising Take — Should You Buy or Rent a Home

However, if you’re not careful, it might cost you tens of thousands more than it needs to. Here’s why…