I’ll describe it from my perspective it’s sort of like you’re shopping for breakfast cereal and it could be that you’re having to go down the cereal aisle at a Super Walmart but it could be you’re stuck with just the cereal boxes that are at 7-11 because it’s all dependent on where you live the property.

You’re buying and of course your personal financial situation and the best way to cut through that and get the right box for you is to actually talk to a local professional but I will throw my economists pin in this and that is make sure you look at the duration how long you expect to be in the house because one feature of a mortgage that a lot of people just default for the 30-year fixed.

If you are buying a home for the first time and don’t have twenty percent to put down is there any way you can avoid PMI well let’s start by defining what p.m. is grab so PMI stands for private mortgage insurance and that basically applies when a consumer puts less than twenty percent down on a loan and the reason for that is that loans historically that have less than twenty percent down have higher default rates so there’s risks there that literally has to be accounted for and that that ends up being insurance that adds to your mortgage payment so when you put less down the trade-off is going to be you actually have to spend more on a monthly basis and it’s therefore going to impact your qualification so let me play just a simple scenario from an economics perspective.

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