First Time Buyers - What you Need to Know about PMI (Private Mortgage Insurance)
First Time Buyers - FAQ's and What you Need to Know About PMI (Private Mortgage Insurance) Like so many subjects that get talked about in the news, there is so much information it's difficut to even wade through it. It can be scary and confusing. "Is this a bad time to buy?' "Maybe prices will cool down if I just wait." "How do I come up with 20% for a downpayment?" First, let's put this myth to bed once and for all... you do not need a downpayment of 20%. You don't. "But what about PMI?" So what. PMI. We should all look at PMI, sometimes MIP interchageably, as a something to be grateful of it's existance, not talk about it like it's a toxic nighmare. Where did this come from? I'm here to say, "Thanks PMI. Cheers!" My wife and I bought a house for our family in 2011. We did a down payment of about 3% of the purchase price. That's all we...
