Private Mortgage Insurance Can Pay Offin the Long Run
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Regarding “A First-Timer’s Balancing Act” by Diane Wedner, March 25, the saga of 34-year old Kannyn MacRae’s handwringing over buying his first home: MacRae’s aversion to paying mortgage insurance may be very short-sighted.
Had he purchased a home several years ago putting 10% down, he’d be enjoying homeownership, keeping some of his cash, having income-tax benefits and earning equity-the combined value of which may well have exceeded the cost of mortgage insurance (which can usually be eliminated once 20% of mortgage principal is paid).
BUZZ MCCARTHY
Van Nuys
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