Potential buyers who wish to purchase a home but can't afford a large down payment, may want to look into private mortgage insurance. Private mortgage insurance, or PMI, is designed to protect the lender against default while allowing buyers to obtain a loan while putting down significantly less than the standard 20 percent.

The borrower pays a premium for PMI coverage, the amount of which is determined by the type, amount and length of the loan. The premium is usually either worked into the monthly mortgage payment or paid as a lump sum at closing.

If you would like to find out more about the advantages of PMI, I would be glad to provide you with additional information.

Best Wishes,

Christopher Pike

803.727.7800

christopher.pike@era.com

www.ChrisSellsColumbia.com