Gambling in the United States is more popular than ever before-but your house is the one thing you don’t want to bet.
Upping the Ante
In the high-priced, low interest rate housing boom of the past several years, many homebuyers signed up for interest-only loans, payment option adjustable rate mortgages and piggybacks. In doing so, they generally bet on two things: that they would be able to refinance their way out from under future payments they might not be able to afford and that home prices would continue to go up and they would be able to sell later for a profit.
Today, however, home prices aren’t accelerating as fast as in boom years, and affordable refinancing options may not be as available as interest rates go up.
A Safer Bet
In today’s economic environment, mortgage insurance on a fixed rate loan is often a better deal, offering lower monthly payments and more stability. Mortgage insurance is designed for the low down payment market, often qualifying borrowers with a down payment of 3 percent or less.
“Compared to nontraditional loans, mortgage insurance on a fixed rate loan is simple, safe and...
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