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How to Cut PMI From Your Mortgage Payment
Manage episode 170835244 series 1331864
内容由Andy Richardson提供。所有播客内容(包括剧集、图形和播客描述)均由 Andy Richardson 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品,您可以按照此处概述的流程进行操作https://zh.player.fm/legal。
Private mortgage insurance is a pesky expense. However, there are ways to get out of having to pay it.
Want to buy a Wilmington Home? Search all homes for sale.
I’m here today to answer the question of “What is PMI?” and give you tips on how you can avoid having to pay it.
Private mortgage insurance, or PMI, is an insurance policy that you pay anytime you have less than 20% equity in your home. Basically, it protects the lender if you default on your mortgage.
This applies to any conventional loan in which you have less than 20% equity. However, paying PMI is not always necessary. Here are a few ways to avoid it:
1. Put 20% down on your home purchase. This will automatically get rid of PMI, but it’s not always a feasible option.
“
”
2. Paying PMI up front in the form of closing costs and lender credits. The easiest way is to put 20% down on your purchase.
”
3. Build up 20% equity in your home. Once you do that, you can call your lender and ask them to remove the PMI from your monthly payment.
4. Look at other loan programs. There are options out there that don’t require a PMI payment each month or a 20% initial down payment.
If you have any questions, don’t hesitate to give me a call or send me an email. I would love to hear from you.
23集单集
Manage episode 170835244 series 1331864
内容由Andy Richardson提供。所有播客内容(包括剧集、图形和播客描述)均由 Andy Richardson 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品,您可以按照此处概述的流程进行操作https://zh.player.fm/legal。
Private mortgage insurance is a pesky expense. However, there are ways to get out of having to pay it.
Want to buy a Wilmington Home? Search all homes for sale.
I’m here today to answer the question of “What is PMI?” and give you tips on how you can avoid having to pay it.
Private mortgage insurance, or PMI, is an insurance policy that you pay anytime you have less than 20% equity in your home. Basically, it protects the lender if you default on your mortgage.
This applies to any conventional loan in which you have less than 20% equity. However, paying PMI is not always necessary. Here are a few ways to avoid it:
1. Put 20% down on your home purchase. This will automatically get rid of PMI, but it’s not always a feasible option.
“
”
2. Paying PMI up front in the form of closing costs and lender credits. The easiest way is to put 20% down on your purchase.
”
3. Build up 20% equity in your home. Once you do that, you can call your lender and ask them to remove the PMI from your monthly payment.
4. Look at other loan programs. There are options out there that don’t require a PMI payment each month or a 20% initial down payment.
If you have any questions, don’t hesitate to give me a call or send me an email. I would love to hear from you.
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