Enact Holdings: Solid Performance But Now Fully Valued

2026-05-09 06:52:34 ET

My wife and I purchased the house we're in back in 2018 - closing actually took place on my wife's birthday that year. After a refinance during the pandemic and paying extra principal monthly, we are on track to have the bank paid off in the next 12 months. The prospect of having free and clear ownership of our own home in the near future has had me thinking back a little to some of the steps we took to make it work. Initially, we didn't have quite enough for a 20% down payment, and so we were looking at the prospect of being required to pay mortgage insurance (or PMI, short for "private mortgage insurance") on top of our mortgage payments. Being frugal sorts of people, we didn't really want to pay for mortgage insurance if we didn't have to, so we scrambled and borrowed from the unrestricted cash we had set aside for our children's college to increase our down payment and did not end up being required to carry PMI. I think it sort of annoyed our loan officer that we kept changing our down payment terms, but it all worked out in the end. We paid back our children's savings funds with interest at a rate modestly higher than our mortgage rate, so I feel we all came out winners, except the mortgage insurer who lost out on getting our premiums....

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