PMI 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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