If you’re a first-time homebuyer you’ve surely been putting pencil to paper to estimate what your future mortgage payment, taxes, insurance, and maintenance will be on a new home. However, before finalizing your list of new homeowner expenses, one of the often-forgotten costs to consider adding is private mortgage insurance (PMI). But what is PMI and how does it work?
What is PMI?
When you apply for a mortgage, your lender may ask if you’re going to put up 20% of the home’s sale price as a down payment. Depending on your local housing market, this can …
