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How
To Buy the Home You Want
Mortgage
insurance (MI) allows you to choose from a wider price range
of homes. How? Lenders are generally willing to accept a lower
down payment than the standard 20% if the lender obtains mortgage
insurance 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 your lender
obtains MI for your loan.
| |
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 your
lender obtains MI on your qualified loan from a mortgage insurance
company.
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.
This
page has been brought to you by PMI Mortgage Insurance
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