At some point a judge may decide the terms of legal and physical custody. Legal custody means the legal right and responsibility to raise a minor child and to make decisions on her or his behalf. Joint, split, and shared legal custody require both parentsâ approval for all major decisions. Physical custody means possession and it defines the physical location of the child.
Private mortgage insurance (PMI) protects the lender in the event that you default on your mortgage payments and your house isn't worth enough to entirely repay the lender through a foreclosure sale. Unfortunately, you foot the bill for the premiums, and lenders almost always require PMI for loans where the down payment is less than 20%.
Private mortgage insurance (PMI) rates vary by down payment amount and credit score but are generally cheaper than FHA rates for borrowers with good credit. Most private mortgage insurance is paid monthly, with little or no initial payment required at closing. Under certain circumstances, you can cancel your PMI.