PMI In The Future

 Grateful to be yolked, tan and still rocking a fresh fade in the future. ⁣⁣⁣

⁣⁣⁣ But on the real…lets talk PMI👇🏾⁣⁣⁣ ⁣⁣⁣ Private mortgage insurance, or PMI, protects the lender in case you default on a payment. ⁣⁣⁣ ⁣⁣⁣

You're usually required to pay for PMI if you make a down payment that's less than 20% of the purchase price. ⁣⁣⁣ ⁣⁣⁣

Mortgage insurance on an FHA loan is generally always more expensive than PMI on a conventional loan while VA loans, a special program for veterans, don't require mortgage insurance at all! 🇺🇸⁣⁣⁣ ⁣⁣⁣

PRO TIP 🏆⁣⁣⁣ ⁣⁣⁣ No matter how much equity you have in your home, PMI is permanently attached when dealing with an FHA loan. ⁣⁣⁣ ⁣⁣⁣

Questions about mortgage insurance or anything real estate? Let me know in the comments below!⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣ ⁣⁣⁣

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