Looking for a Home
Mortgage Las Vegas, Nevada?
Here's a smart strategy that eliminates mortgage insurance. Which can save you money on most any Las Vegas Nevada home mortgage package.
Need a Las Vegas, Nevada home mortgage but are short of the 20% down? I hear you.|
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Typically that would trigger the need for PMI or mortgage insurance. Adding another fee into your monthly payment. Sure it protects the Las Vegas banker in the event you default…but it's not tax deductible. And even if your credit is better than most you can still expect to pay roughly $40 to $50 for every $100,000 you borrow. (More if your credit is suspect.) And that ain't exactly chump change. Here's another way to go. Let's say that while you can't come up with 20% you have scraped together 10 percent to put down on a Las Vegas mortgage. |
What you want to do is explore taking out a first mortgage covering 80% of the selling price. And then a second for the final 10%.
Viola! Since the first is only 80% you’ll have no PMI to pay on that coveted Las Vegas home mortgage loan.
Plus while the second mortgage does come at the price of a couple two three points higher interest, at least it's tax deductible.
Should you get ambitious, get an inheritance or get promoted, you can focus your attention on paying off the second sooner. Just be sure to check for any prepayment penalty.
There you go. I told you there was a way to save money on most any Las Vegas Nevada home mortgage package!
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