Free Ebook.

Enter your email address:

Delivered by FeedBurner

« The Best of Money Carnival | Main | How is Your Emergency Fund Doing? »

May 16, 2012


Feed You can follow this conversation by subscribing to the comment feed for this post.

Lots of good advice here.

One point I'd make an exception to is for car insurance you do not need comprehensive coverage on your own car if the car isn't worth that much.

Thanks, Jim - and I agree. If your car is in the "beater" class, it's fine to skip the comprehensive. Anything above that, though, and I'd recommend the small amount that it would take to add high-deductible comprehensive. By the way, no shame in driving a beater - I certainly did at one point! A beater bought with cash in full, up front is a more beautiful car than ANYTHING requiring financing!

Good article. There are so many mortgage insurance providers out there. I am shopping for quite some time, but having hard time finding out the right one. Found from bankrate that reliance first capital gives good discounts. Will it be good in the long run? Any thoughts?

Hi Denice, and thanks! As noted above, I'm a pretty big believer in paying at least 20% down, even if the lender will allow a smaller down payment. When you do, then you can avoid having to pay ANY private mortgage insurance. That's what you want to do if you can, because PMI is completely for the benefit of the lender, even though YOU are the one paying the premium. But that's not the only reason for a down payment of 20% or more - the bigger the down payment, the more protection you have in case the housing market gets even softer. (Most think we've reached the bottom already, but it's no sure thing - and local markets can always be exceptions to whatever's going on nationally.) Hope that helps, if not - post again with a few more details!

The comments to this entry are closed.

Start a Blog


  • Any information shared on Free Money Finance does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. All posts are © 2005-2012, Free Money Finance.