How Do I Avoid Pmi

Private Mortgage Insurance, or PMI, is insurance that protects the lender against loss if you (the borrower) stop making mortgage payments. Even though it protects the lender and not you, it is paid by you. It may allow you to buy a house with a much smaller down payment, as low as three to five.

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How do I avoid PMI? You can now get a 1%, 3% or 5% down conventional loan with no PMI. With this option, you don’t need to put down 20% nor obtain a second lien.

Another option to avoid paying PMI, referred to as "piggybacking," is taking out a smaller loan for enough money to cover the 20% down payment so that you can avoid paying private mortgage insurance. The downside here is that the smaller loan will typically have a higher interest rate than the interest rate on the mortgage loan.

PMI typically costs between 0.5% and 1% of the entire loan amount per year. That means on a $200,000 loan, you could spend as much as $170 a month. Ideally, you’ll avoid PMI by waiting. to pay for.

Here’s the lowdown on how PMI and mortgage insurance in general work, how to reduce your costs of coverage, and how to avoid the expense altogether. Story continues How do I pay for mortgage.

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To avoid paying private mortgage insurance, the entities require the 20 percent down payment funds. Buyers who want to get a mortgage for more than 80 percent need to buy insurance to protect these agencies, or another party must provide it for them.

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The FHA has a similar mortgage insurance premium requirement for those taking out FHA mortgages, with somewhat different rules.This article is about PMI, but the reasons to avoid it apply to both.

How to Avoid Paying PMI. Typical payments will be monthly with an upfront fee required at closing. PMI also applies to those who don’t have a home equity percentage of 20 percent in their house when they are getting a refinance loan, says Christian Durland, senior mortgage loan officer at CMG Financial in Greenwood Village, Colo.