Tiffany Morrisett Coldwell Banker Real Estate Agent

  Which States Have the Lowest Cost of Living? For many of us, the past year has brought about a slew of unexpected changes. The pandemic didn’t slow rising home prices or increase the amount of available inventory in major metro areas, but what it did do was dispel the idea that all office workers must be tethered to a physical location. With remote work becoming more and more normalized, many Americans are wondering why they’re paying exorbitant housing costs for less space, less privacy, and less stability. With that in mind, let’s take a glance at the most affordable places to live in the United States by cost of living index*. Mississippi:  With a cost of living index of 84.8 (the national average is considered 100), Mississippi has the lowest housing costs in the country and has held the top spot for years. You can expect to pay around $134,000 for a home, so if you’re looking for a new home town where your money can go further, Mississippi might be for you. Oklahoma:  Oklahoma h

  Private Mortgage Insurance Explained When a lender looks at a loan application, their main question is "what risk do I take on by issuing this loan?" Credit checks, bank statements, employment verification – all the documentation required when getting approved for a loan is in service of assessing what the odds are that the loan will go into default. This is why a down payment is such a crucial part of obtaining a home loan. When a borrower has a substantial down payment (20 to 30% or more), the lender's exposure is lessened in the event of a default. This 20-30% figure used to be required, yet clearly this kept a lot of people from realizing the benefits of homeownership, especially first time buyers. That is until 1957, when Max H. Karl, a  real   estate  attorney, founded Mortgage Guaranty Insurance Corporation and invented the modern form of private mortgage insurance. PMI is designed to address the hefty down payment hurdle. Instead of coming to the table with 20%