If you can afford the monthly payments that PMI would bring, but you don’t want to throw the money down the drain, then a second mortgage or loan would help to get around it. The concept is fairly simple: if you can borrow enough money to ensure that your down payment is over 20%, then you won’t have to worry about PMI.
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Private Mortgage Insurance, or PMI, is an annoyance that nearly every homeowner has had to deal with at some point. The simple fact is that most first time homebuyers don’t have the ability to put down the 20% or more that banks require, so PMI is slapped onto their monthly payment to ensure that the bank gets paid – even if the homeowner defaults.
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If PMI didn’t exist, borrowers would have to provide that 20 percent down. For a home costing $200,000, that comes out to a down payment of $40,000, a lot of money. Today, buyers can put down far less, with lenders often approving loans with down payments as low as 3 percent of a home’s final purchase price.
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PMI is an insurance policy that compensates the lender in the instance of default. This compensation is the difference between a 20% down payment and the borrower’s actual down payment. The simplest method of how to avoid PMI is borrowers simply make the required 20% down payment. But there are other, less cash-intensive ways to avoid PMI.
The larger down payment would also reduce your mortgage interest charge. though some stocks might do that, with greater risk. So avoid PMI if you can do so comfortably. But it’s no catastrophe if.
For 39% of homeowners, the biggest regret stems from not coming up with enough of a down payment. or PMI. PMI is a premium that’s added to your monthly mortgage costs, thereby making your payments.
You can also request that it be removed if you can prove the LTV is at 80 percent or less, or you can try to avoid PMI altogether when you first take out the mortgage. Determine whether you can afford.