The Truth About PMI’s
Home Buyers purchasing with conventional and FHA loans with less than 20% down are required to pay a monthly mortgage insurance.
Want to pay the least amount of PMI possible?
Try looking at conventional loans over FHA loans if you can. With conventional your PMI rates are lower. Also once you reach 80% loan to value you can lose the PMI.
With FHA you are required to have PMI over the life of the loan. Look at refinance options. You may have already reached that 80% value with property values increasing so rapidly.
Different lenders have different rates...SAY WHAT???? Make sure you are talking to an Independent Mortgage Broker like me so that they can shop the lowest PMI rates for you. Not only will they find the best products but they will evaluate the whole situation and help you save as much as you can!
