Buying a Home With Private Mortgage Insurance - If you are new to home buying, you will soon find out that most lending institutions require that loan applicants put 20% down when applying for a mortgage, or you will need private mortgage insurance.
Did you know that many people are paying a monthly payment of anywhere between $50 – $400+ per month for insurance that doesn’t even benefit them? Yep, it’s called private mortgage insurance or PMI. This insurance benefits your lending institution if you default on your loan. If you have bought a home and put less than 20% down on the home, you are most likely paying PMI. PMI is wrapped up in your mortgage payment so many people don’t even realize they are paying it. #LiveLikeYouAreRich
See how to avoid paying private mortgage insurance. There are ways not to pay PMI including putting 20% down, a piggyback loan, getting LPMI and others! http://www.maxrealestateexposure.com/avoid-paying-private-mortgage-insurance/