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What is Private Mortgage Insurance

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Reprint From CFPB What is private mortgage insurance? Answer: Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan.  PMI is arranged by the lender and provided by private insurance companies. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.  How do I pay for PMI? There are several different ways to pay for PMI. Some lenders may offer more than one option, while other lenders do not. Before agreeing to a mortgage, ask lenders what choices they offer. The most common way to pay for PMI is a monthly premium. This premium is added to your mortgage payment. The prem…
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Land/Lots Sales Cherokee County 2017 How did land and lots fair during 2017 in Cherokee County?  Below you will find a report that details the sales numbers for each category.

So, why are numbers important?  It is important for consumers to understand statistics so they can be informed and make good business decisions. Land has long been considered as a speculative investment and made only by the wealthiest of investors. When Weiss Lake was first developed in the early sixties much of the land was purchased by investors hoping to see their investment increase over a period time.  Most received a handsome reward for their risk and some are still waiting for that return.

What needs to be understood about land is that unless you have a long term plan for it's use or an immediate short term use, vacant land (and I'm talking specifically about Cherokee County, Alabama) doesn't seem to have the same appeal as an "investment" as it did prior to 2007.  The building boom…