savings: To rent or to buy... that is the question!
- 09/11/14 11:56 PM
Homeownership is a huge step in this journey we call life. The decision isn't always black and white. What makes sense for one person, may not make sense for the next. What's my take on "is it better to rent or own?". I'm so glad you asked! I'd love to share with you -- Check out my video below!
Typically, when you put 5% down on a Conventional Mortgage loan you are paying mortgage insurance that is ordered via the bank and paid in your monthly mortgage payment. Hence why it is called “Monthly Mortgage Insurance”. Because you are purchasing PMI as an individual consumer for a one time loan, the rate Is higher. The banks came out with an ingenious way to make a better alternative for their clients. It’s called LPMI (Lender Paid Mortgage Insurance). … (2 comments)
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