On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
Your ONE STOP Unlimited Mortgage Resource! We have a loan for every buyer, property, credit and/or employment need. Over 30 years of Professional Mortgage Excellence YOU CAN DEPEND ON!
Company NMLS: 1991038
www.nmlsconsumeraccess.org
4240 Airport Road suite 210-3
Cincinnati, OH 45226
Phone: 513-607-4107
lisaclends@gmail.com
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