Late Mortgage Payments Sabotage PMI CancellationWritten by Mark Walters
Late Mortgage Payments Sabotage PMI CancellationThere's something you should know about PMI! Private mortgage insurance is commonly referred to as PMI. If a buyer makes a down payment of less than 20% of a home's value lender will insist that a premium for PMI be added to every monthly payment. Statistics prove that more money a buyer has invested in a home less likely they are to default on mortgage payments. With less than 20% down lenders want added security for loan and so PMI was developed. Nice for lenders... expensive for borrowers. The federal Homeowners Protection Act of 1998 mandates two ways to cancel PMI. 1. When regular monthly payments have paid down loan balance to less than 78% of ORIGINAL APPRAISED value of home. Current appraised value does not count even if value of your home has doubled. 2. If you pay an extra amount over and above monthly payment so that loan balance falls below 80% of original value. The act excluded FHA loans made before 2001. Mortgage insurance on those loans can never be canceled.
| | If you want to work from home...Written by Marsha Maung
Here are some important points to take note of if you want to work from home. working from home is a dream occupation for many people, but only a few of us will dare to trudge that path. As long as you keep to your basic principles, keep focused, learn how to motivate yourself, be patient and learn how to manage your time properly, you CAN have best of both worlds. Set your working hours No doubt, you’re working from home but consider this – your TV remote control is just a stretch away. The temptation to just hop into your car and go shopping can be overwhelming. So, discipline yourself. When you work is not important, it’s keeping to schedule that is. You want to let your clients know when they can expect to see you online or catch you on Instant Messenger. If they know your working hours, they will know when to expect a reply to their email message. You can shape your working schedule according to your needs. If you need to send your kids off to music class or tuition at 10.30a.m., make sure you check your email or do some work before then. Working from home means you have flexibility of molding your working hours according to your family’s needs. Office space Having an office space where there are no crayons and no toys strewn about is important to working environment of your business. Working from home means that you have to set your office up either in a small corner of bedroom, setup a special home office in a special room, or you can set your office up in a small corner in living room. Help your kids understand that whenever you’re working, you are not to be disturbed. The documents and equipment in home office area is not to be drawn on, spilt on, torn, removed or damaged. Be serious about your work Whenever you’re working, you should be serious about work. You can do following to help you work more effectively:- 1.Work or do most important things whenever your kids are off somewhere else – like kindergarten, tuition, music school or visiting a cousin. 2.Setup a special table or space where your kids do their homework whenever you’re working. 3.Get someone to mind kids while you’re working during your working hours 4.Work when kids are taking a nap 5.Spend a lot of time with your kids and whenever you’re having family time, ignore business phone calls or office matters. 6.When you are working, tell your kids to get help from someone else
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