Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Looking For A Deal For Your First Home? Target Your Search In These Areas

by Luke Fields

First-time home buyers may not be able to buy their dream home just yet, but that shouldn't deter them from getting started in the journey of real estate ownership. If you're looking for a house for sale and want to ensure that it's as affordable as possible, there are a variety of ideas to consider. One idea is to find a place that needs fixing up, but if you're already short on cash, fixing up your home may be a challenge. Another solution is to focus your search on certain areas that may yield better deals. Here are some suggestions.

Homes Near A Rail Line

You'll often find that homes near a rail line can be priced lower than comparable homes because many people don't favor the idea of living in such a location. The concern is that frequently passing trains can be loud and disruptive. However, if you're on a budget and are eager to find an affordable house for sale, you may wish to look in such an area. Anyone can get used to the sound of trains rumbling past, and it might not be long before you hardly notice these sounds at all.

Homes Near Major Highways

Somewhat similarly, some people aren't eager to shop for homes that are situated near major highways. In particular, this idea relates to homes that are adjacent to the highway, perhaps having their yard and the embankment at the edge of the highway only separated by a fence. While this location can indeed be noisy, you should strongly consider browsing homes for sale that are close to the highway, as you'll often find them to be priced more competitively. Additionally, there's a perk to this location that some people don't consider — if you use the highway for your commute, you'll have an easy route to it.

Homes Near A Prison

Living in close proximity to a prison may not initially seem appealing, but if you're looking for a good deal when shopping for your first home, this location may suit you. Some people shy away from buying a home in this location because of the fear of prisoners breaking out of the prison and into their home. However, you can search online to find out how many escapes the prison has experienced, and you'll likely find this number to be low. Additionally, given that some escapees will be eager to get as far away as quickly as possible, you shouldn't be too worried about buying a home in this location.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.