Posts from January 4th, 2024
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Paying Private Mortgage Insurance? Here Are Some Options to Get Rid of It
You don't need to put down 20 percent to buy a home, but if you have a lower down payment than that your lender will likely require something called private mortgage insurance, which adds to the cost of your monthly mortgage payment.
While it often makes more sense to buy with a lower down payment and pay these monthly amounts, rather than wait until you can save enough for a larger down payment, the sooner you can get rid of PMI, the sooner you can lower your mortgage payment. So how, exactly, do you do that?
A recent article from realtor.com outlined different options for home buyers to get rid of private mortgage insurance,...