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Paying PMI? You need to read this!!!
What is PMI? PMI stands for Private Mortgage Insurance. If you do not have 20% to put down as a downpayment on your new home, you will become familiar with this term fairly quickly! PMI is insurance that a lender requires you to pay each month if you do not have 20% down. This helps cover your lender in the event you default on your loan.  And yes, it's a monthly expense to you.
Ways to avoid paying PMI? Put 20% down! Or...let's get realistic...f you are like a lot of people, especially first time home buyers, it can be challenging to find 20% just sitting in your bank account waiting to be tied up in your new home.
Fact - once you have your mortgage paid down to owing 80% or less, the PMI drops off and you do not have to pay it anymore. How can you get to this stage quicker?
Since we are in a buyer's market, this may be helpful to you...
I will use the following story just for this example...
Let's say you are wanting to buy a home in Brookside. You work with a buyer's agent that is an Accredited Buyer's Agent (ABR) ... more

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