First, PMI is Private Mortgage Insurance, and if you purchase a home with less than 20% down, you’re required to pay PMI. As the borrower, you’ll pay the monthly premiums for the insurance policy, and the lender is the beneficiary. The monthly cost of your PMI depends on the home’s value, the amount of your down payment, and your credit score.
Want to know more? Check out this article to understand the difference of paying PMI or not paying PMI.
If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions. This way, I can help to guide you in the best decision that’s right for you and your family.
Or, in case you missed our article early in the year, where we discussed what PMI is, check out this article. http://bit.ly/2OUlEUH