If you are not in a position to put the standard 20% down payment on the home you are purchasing you will likely need to factor in the cost of PMI (private mortgage insurance).
๐๐ก๐๐ญ ๐ข๐ฌ ๐๐๐?
Private mortgage insurance is a type of insurance that may be required by your mortgage lender if your down payment is less than 20 percent of your home’s purchase price. PMI protects the lender against losses if you default on your mortgage.
๐๐ก๐จโ๐ฌ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ ๐ญ๐จ ๐ก๐๐ฏ๐ ๐๐๐?
Homeowners who obtain a conventional loan and put down less than 20% of the homes purchase price.
๐๐จ๐ฐ ๐ฆ๐ฎ๐๐ก ๐๐จ๐๐ฌ ๐๐๐ ๐๐จ๐ฌ๐ญ?
This depends on a borrower’s credit score and down payment. A general rule of thumb is 0.3% to 1.5% of the original loan amount each year. PMI is an extra cost, on top of the interest you pay on your mortgage.
๐๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ?
If you have any questions or would like to get in touch with one of my preferred lenders prior to us touring any homes, contact me to get the process started.
๐ป๐๐๐๐๐ ๐๐๐๐๐
-๐ฑ๐๐๐๐๐๐ – ๐น๐๐๐๐๐๐
๐ฌ๐ฟ๐ท ๐น๐๐๐๐๐ ๐๐ ๐ช๐จ, ๐ฐ๐๐.
๐ช๐๐๐ฉ๐น๐ฌ 02050831
