🏠💰 Understanding PMI: What You Need to Know!
📝 Private Mortgage Insurance (PMI) is often required for conventional loans when the down payment is less than 20%. It protects the lender in case the borrower defaults on the loan. While PMI adds to your monthly mortgage payment, it can help you qualify for a loan with a smaller down payment.
📌PMI can eventually be removed from your mortgage payments. Reaching 20% equity in your home is a good time to request that it be removed. However, some lenders may require specific criteria, such as a good payment history and no subordinate liens on the property.
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Kurt Bachmann
📲(918)215.8924
📧[email protected]
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