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re: First time House Buyer....advice/ suggestions?
Posted on 2/28/13 at 7:38 am to ThirstyTigerLSU
Posted on 2/28/13 at 7:38 am to ThirstyTigerLSU
quote:
Try to put down 20% if you can to avoid the PMI. I think the rule changes for PMI in April
What exactly is this? Tried googling but came up with about 20 different things
1
Posted on 2/28/13 at 7:56 am to Brettesaurus Rex
PMI is mortgage insurance. If you do not have 20% to put down, a mortgage company is hedging their bet loaning to you by requiring a monthly insurance payment to them. Usually around $100.
If you go the conventional loan route, once you reach 20% (22?)equity in the home, you can eliminate the PMI.
If you go the conventional loan route, once you reach 20% (22?)equity in the home, you can eliminate the PMI.
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