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Reader Comment on Home Buying Troubles

From last week’s open thread:

“My fiancee and I are in the process of buying a house – we’re almost done with the inspection and we were almost to the home stretch until this insane financial crisis caused PMI (private mortgage insurance) to skyrocket. I know we’re lucky to even GET a loan, but the payments we had projected have gone up by several hundred dollars. Now we aren’t sure if we’ll be able to afford our payments! We’re running through all the scenarios now and hoping for the best, but we’re very nervous…”

This is crazy. Isn’t PMI fixed? Does it often fluctuate? Sorry to hear of the headache. Let us know what happens.

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