Portal Forum General General Discussion Home Ownership Reply To: Home Ownership

#153734 Quote
Jane FondaJane Fonda

    @mjarz02 wrote:

    Here is my biggest issue with buying a home. Mortgage insurance… This has to be one of the biggest scams around. You are charged a monthly fee because they aren’t confident that you will be able to pay your loan in full. Isn’t that the whole point of interest and having interest be the majority of your payments during the first 15 years? I don’t trust you to pay me 1000 dollars a month, so pay me 1250 dollars instead.

    The market isn’t determined by what a person can purchase, but rather what someone can borrow.

    Yeah, mortgage insurance is BS. I was forced into a FHA loan, because there were no comparables for my house. I had multiple agents and mortgage people look into it for a year or so, and FHA was my only option. The bullshit part is, FHA requires mortgage insurance for 10 years, regardless of how much equity I have. It is fucking bullshit, and it pisses me the fuck off. :chainsaw: