How to Get Your PMI Canceled When you take out a conventional mortgage loan (not insured by the U.S. government), with a down payment of less than 20%, your lender will require that you pay monthly private mortgage insurance (PMI) which protects the lender in case you default. PMI costs can vary between 0.58% and […]
What You Need to Know About the Mortgage That Skirts the 20% Down Payment
You don’t really have to put 20% down on a house (and with home prices so high these days, who can afford that?), but if you don’t, you have to pay for private mortgage insurance, which can be a costly add-on to your monthly bill. So one way or another, you’ll pay. But there’s a […]