Many home-buyers, especially first-time home-buyers, don’t have a large down-payment saved. However, lenders typically require private mortgage insurance, also known as PMI, when a home buyer makes a down-payment of less than 20%. The result? The buyer pays thousands of extra dollars over the years it’s required. Unfortunately, most home-buyers don’t realize that there are several good alternatives to paying for PMI.
Private mortgage insurance is a way of protecting the lender from risk; it is not a requirement of the law. So, there are also other ways for a flexible lender to work with customers to minimize their risk without requiring PMI. In reality, there are several options that allow home buyers to avoid PMI. Hurst Lending & Insurance division NoPMILoan.com specializes in helping customers get loans without paying for private mortgage insurance.
Visit NoPMILoan.com or contact us for more information.