createandkeepyourownwealth: Did You Know that You Don't have to put down 20%???
- 09/26/18 02:10 PM
The Cost of NOT Paying PMI Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live. There is a common misconception among homebuyers that a 20% down payment is required, and it is this limiting belief that often adds months, and sometimes even years, to the home-buying process. So, if you can purchase a home with less than a 20% down payment… why aren’t more people doing just that? One Possible Answer: Private Mortgage Insurance (PMI) Freddie Mac defines PMI as: “An insurance policy that protects … (3 comments)
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The Cost of NOT Paying PMI Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live.
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