Are you looking to purchase your dream home but don’t have a 20% down payment? Private Mortgage Insurance (PMI) could be the solution for you! With PMI, you can secure a mortgage with a lower down payment, making homeownership more accessible.
Private Mortgage Insurance (PMI) is a type of insurance that mortgage lenders require borrowers to purchase when they have a down payment of less than 20% of the home’s purchase price. Essentially, the borrower pays a monthly premium to the insurance company, which is added to their mortgage payment, until they have paid off enough of the loan to reach 20% equity in the home. Once this happens, the borrower can request to have the PMI removed from their mortgage payment.
Thinking of moving or investing and need a referral for a Real Estate Broker, we can help connect you: email us at TEAM@McDanielCallahan.com, fill in the form below or call 925-838-4300. Terry McDaniel DRE license #00941526