How You Can Avoid Paying PMI
Putting 20% down is the surefire way to avoid PMI, but here are three other ways.
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What is PMI, and who has to pay it?
Private mortgage insurance, sometimes called lenders mortgage insurance, is usually required whenever a home is purchased with less than 20% down. Lenders are most confident in a person's ability to pay back a home loan when that person has skin in the game to the tune of 20% of the home's sale price or appraised...