Mar 3, 2020
Private Mortgage Insurance (a.k.a. PMI) is a good thing! Without PMI a 20% does payment would be required to secure a conforming home loan — PMI allows one to buy a home with less than 20% down. The monthly cost fo PMI depends on the home’s value, the amount of your down payment and your credit score. Once you have built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment. That is correct, one can purchase a home with less than 20% down and PMI in cancellable.
Kevin Martini | NMLS ID 143962 | Senior Mortgage Strategist & Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 223 S West Street, Suite 900 Raleigh, NC 27603 | (919) 238-4934 | www.KevinMartini.com | Kevin@KevinMartini.com | Equal Housing Opportunity