Mortgage Loans

How Do I Avoid Pmi

PMI or private mortgage insurance is insurance that you must purchase if you do not have a twenty percent down payment. The insurance is to protect the bank if you were to default on the loan. It is not insurance to protect you. PMI is usually based on a percentage of your mortgage that you must pay every month.

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 · Private mortgage insurance, also known as PMI, is cursed by homebuyers when, without it, many of them wouldn’t have been approved for the mortgage used to buy their home. Yes, it makes house payments higher and, yes, it sticks around far too long. Worse, although it’s called “insurance,” it does nothing to protect the homeowner.

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 · The efforts you take to avoid PMI when buying a home can end up costing more than the insurance premiums themselves. You need to be careful when accepting higher interest rates or.

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A borrower could avoid having to obtain PMI through a novel lending process called a "piggyback" mortgage. Also known as an "80-10-10" or "80-5-15," these arrangements actually leave you with two mortgages rather than one. Say you have just 10 percent to put down. Normally, you’ll get a 90 percent mortgage, and pay PMI.

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 · While most people know that you don’t need to pay for PMI if you are making a 20% or larger downpayment on your home, there are other instances where you can avoid paying it. Here are a few of the most common ways to avoid PMI: Mortgage type – If you can’t afford a 20% downpayment, you can use what’s known as a piggyback loan. This is also known as an 80/10/10 loan.

Upfront mortgage insurance (also called private mortgage insurance, or PMI) will cost you a tidy sum over time, so make plans to avoid paying for this expense. mortgage lenders have realized, over.

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Learn more about what PMI is, who needs it, and how you can avoid paying costly premiums. Private mortgage insurance (PMI) can be expensive. Learn more about what PMI is, who needs it, and how you can avoid paying costly premiums. Amazing Insights on Home, Money and Life.