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How Much Do You Have To Put Down To Avoid Pmi

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Private mortgage insurance is one of them. Private mortgage insurance, or PMI, is insurance that lenders require borrowers to have when they get a mortgage and don’t have enough equity in the home. For many buyers seeking a mortgage, avoiding the added expense of PMI means coming up with a 20% down payment when buying a home.

Putting at least a 20 percent down payment on your new home can pay off big down the road. Not only will you get a better interest rate on your loan, you won’t have to buy private mortgage insurance, also known as But not everyone is able to put 20 percent down and avoid paying PMI.

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"The less you put down, the higher the mortgage insurance is," says Casey Fleming, author of "The Loan Guide: How to Get the Best Possible Mortgage" and a mortgage professional in the San Francisco Bay Area. If you have a choice, should you make a bigger down payment to avoid PMI?

One way to avoid paying PMI is to make a down payment that is equal to at least 20% of the purchase price of the home. If your new home costs $180,000, for example, you would need to put down at least $36,000 to avoid paying PMI. While that’s the simplest way to avoid PMI, a down payment that size may not be feasible.

There are ways not to pay PMI including putting 20% down, a piggyback loan, getting LPMI and others!. Understanding what PMI is, why it exists and what you can do to avoid. Much Does Private Mortgage Insurance Cost.

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How to Avoid Paying PMI. If you don’t put 20 percent down on a conventional loan or if you choose an FHA or USDA loan, you will be required to pay some kind of mortgage insurance to the lender. Mortgage insurance is there to help the lender – not the homeowner – with any losses just in case a borrower can’t pay the loan back.