![]() ![]() While PMI is an initial added cost, it enables you to buy now and begin building equity versus waiting five to 10 years to build enough savings for a 20% down payment. It's a monthly fee, rolled into your mortgage payment, that is required if you make a down payment less than 20%. ![]() PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. PMI is not the same thing as homeowner's insurance. PMI is an added insurance policy for homeowners who put less than a 20% down payment and is designed to protect the lender if you are unable to pay your mortgage.
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