Save Thousands When Buying a House

PMI is a cost of homeownership that surprises many first-time homebuyers; one that’s easy to overlook in the excitement of going through the homebuying process. 

For the unprepared homebuyer, the cost of paying PMI can be a real budget-buster, adding thousands of dollars in additional expense every year. 

Fortunately, with a bit of planning and knowledge, you can avoid paying PMI. 

The purpose of private mortgage insurance is to protect the lender if you default on your mortgage. 

If you cannot put a minimum 20% down payment on a conventional home loan, your lender will likely require you to pay PMI. 

The advantage of PMI for homebuyers is that it allows them to buy a home without paying a complete 20% down payment. 

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