Posted on: 24th Mar, 2013 11:15 pm
Hello there… I am a newbie here. I need your help! Besides a 20% down payment, what options are available to avoid PMI? Will I be able to pay PMI upfront (meaning no monthly fee) or pay the least amount if that makes sense. I am talking about conventional loans here!
Welcome Kitty,
You can check out the FHA loans in order to avoid 20% down payment. As far as paying upfront PMI is concerned, you need to contact the lender and take his opinion in this regard.
You can check out the FHA loans in order to avoid 20% down payment. As far as paying upfront PMI is concerned, you need to contact the lender and take his opinion in this regard.
Yes, you must do what Adonis has said in the above reply. However, before that you may evaluate your mortgage affordability before taking out any mortgage loan. This will tell you whether or not you can afford to make a down payment of 20% or you'll need to buy a private mortgage insurance to protect the lender's investment.