You donít need 10% or 20% down to get a home mortgage

Written by Syd Johnson


Continued from page 1

One of these methods will sure work for your so donít hesitate to get preapproved for your home mortgage today.

Can you avoid private mortgage insurance with less than 20% down?

Inrepparttar past,repparttar 150847 only way to avoid paying monthly private mortgage insurance (PMI) premiums was to have put at lease 20% down on your home mortgage. Today, many home mortgage lenders have created a variety of creative financing packages to help you get approved for your loan and avoid PMI even if you put down less than twenty percent.

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In a hurry to pay off your home loan?

Written by Syd Johnson


Continued from page 1

Build up your emergency fund. It is always a good idea to have cash on hand forrepparttar little emergencies, but a nice cushion is even better. How long could you continue to make your mortgage payments if you lost your job? If your answer is six months or less, build up your cash reserves then consider paying down other long term debt like your home loan.

So why should you prepay on your mortgage? If your home loan isrepparttar 150846 last hurdle in you goal to become debt free, pay as much as you can towards reducingrepparttar 150847 loan. Even if you getrepparttar 150848 maximum tax right offs nothing can compare torepparttar 150849 psychological effect of knowing that you own your small piece of America. Work out a budget with a financial planner or a tax advisor and setup a payment schedule.

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