Private mortgage insurance, commonly called “PMI” allows borrowers to get a mortgage without having a 20% down payment. With PMI, a borrower pays an additional monthly amount for the PMI, which is based on several factors including amount down, credit score, loan type and debt ratios. On the bright side, PMI allows borrowers to close a mortgage without having to wait to save up a full 20% down payment, and therefore start building equity in a property sooner. Our licensed mortgage professionals will also discuss “no PMI options” too.

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