September 2, 2014

What is PMI when it comes to buying a home? How can you avoid paying it? Why should you?

2 thoughts on “September 2, 2014”

  1. Garrett Haag says:

    PMI is private mortgage insurance, you pay it when you can not put down the needed 20%. You can avoid paying it when you put down 20% or more on a down payment, It is unneeded and you never get the money back off of it, this only benefits the bank.

  2. Mike Finley says:

    You are right on the mark, Garrett. PMI is required when you cannot come up with the 20% down payment on the home you are hoping to buy. What should you do if you don’t have the needed amount? I encourage you to wait until you have 20% rather than pay PMI. The other option would include the selection of a less expensive home. PMI is not your friend!

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