private mortgage insurance: Can you get rid of your Private Mortgage Insurance?
- 12/17/22 04:22 AM
If you bought a home with less than a 20% down payment you are most likely paying PMI which is short for Private Mortgage Insurance. PMI is an added expense on the majority of conventional homes loans above and beyond the monthly principal and interest payment. If you bought your home with a 5% down payment conventional loan it will typically take between 7 and 8 years for you to pay down your mortgage for you to have enough equity to have your monthly PMI payment removed.
For most people who are paying PMI, there may be another way to get … (1 comments)
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private mortgage insurance: You may be able to say goodbye to paying mortgage insurance
- 03/10/21 06:19 AM
The increase in home values is creating opportunities for many homeowners and a lot of them don't even know it. A high percentage of homeowners bought their home with little or no down payments using conventional and FHA mortgages. In most cases when you purchase a home without using a 20% down payment you will be required to pay for mortgage insurance which is often referred to as PMI or MIP. Basically, mortgage insurance is a fee or charge that you the homeowner pay so that you can obtain a loan and buy a home without having to have a 20% … (1 comments)
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