With many different types of loans and mortgage programs out there, especially ones that allow buyers to purchase homes with down payments under 20%, you can’t have too much information about Private Mortgage Insurance (PMI).

Defined by Freddie Mac:

The average down payment for all buyers last year was 10%. Putting less down on your house at first increases your monthly mortgage payment, it’s a good option to consider. For some, it will allow  you to buy now to start building up your equity, instead of waiting 5-10 years saving up for a 20% down payment.

 

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