If you’re making a down payment of less than 20% on a home, it’s important to understand your options for private mortgage ...

Lenders are legally required to remove PMI automatically when the loan balance reaches 78% of the home’s original value.

PMI, or mortgage insurance, is an added cost if you make a down payment of less than 20%. You can wait for your equity to grow to remove it, or you can help things along.

Private mortgage insurance, or PMI, can help you buy a home faster with less than 20% down. PMI cost depends on your credit rating, loan type and down payment size. PMI can often be avoided when ...

FHA loans also require mortgage insurance, both upfront and monthly. Low-down-payment mortgages have made buying a home more achievable for cash-strapped borrowers. Today, many borrowers are able ...

Alternatively, you can pay PMI in a lump sum at closing. It may be less expensive to pay the annual cost upfront, but the premiums aren’t refundable if you sell your home before you reach 20% ...