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PMI IS LOWERING YOUR DOWN PAYMENT
Mortgage insurance (MI) allows you to choose from a
wider price range of homes. Lenders are generally willing to accept a
lower down payment than the standard 20% down if mortgage insurance is
obtained on your loan through a mortgage insurance company. You can not
only get the home you deserve, but you can conserve your savings and
increase your income tax deductions, just by putting less money down.
BUY MORE HOME
You can afford more home and maximize your investment
if you apply for a loan with mortgage insurance coverage.
| |
Without MI |
With MI |
| Down Payment |
20% |
10% |
5% |
| Your Available Savings |
$10,000 |
$10,000 |
$10,000 |
| Maximum Home Price |
$50,000 |
$100,000 |
$200,000 |
Financing a home with a low down payment loan may be
the best way to afford a home in high-priced markets.
CONSERVE YOUR SAVINGS
The lower the down payment, the more you retain for
home furnishings, other investments, future emergencies, or even college
tuition.
| |
Without MI |
With MI |
| Home Price |
$100,000 |
$100,000 |
$100,000 |
| Down Payment |
20% |
10% |
5% |
| Cash Down Payment |
$20,000 |
$10,000 |
$5,000 |
| Savings |
$20,000 |
$20,000 |
$20,000 |
| Savings Retained |
$0 |
$10,000 |
$15,000 |
Even if you have less than $20,000 saved, you can still
afford to buy a $100,000 home with a lower down payment option if you
apply for a loan with mortgage insurance coverage.
INCREASE YOUR TAX WRITE-OFF
A larger loan amount will have higher interest payments
and could result in higher tax deductions. Mortgage interest is one of the
few remaining consumer debt items that you can deduct.
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