November 7, 2014

When buying a home, PMI should be avoided. What is it and how can you avoid paying it?

3 thoughts on “November 7, 2014”

  1. Brennan Haag says:

    PMI is private mortgage insurance. You can avoid it by paying a down payment of 20%

  2. Garrett Haag says:

    PMI is private mortgage insurance, the bank makes you pay this if your down payment is not at least 20%. You should never pay this because it does not provide any benefit to the home buyer. You are paying for the banks insurance on your defaulting on your mortgage. The bank wants you to have more skin in the game so they make you pay extra if you do not have enough to put in to the equity of your home. Make sure you have at least 20% to put down on the house, if not rent and save up your money until you do.

  3. Mike Finley says:

    The Haag brothers hit it out of the park again! Let’s review.

    Private Mortgage Insurance (PMI) protects the people who loan the money from default. If you don’t have 20% to put down on the home, keep renting until you do. In the end, you will benefit.

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