What Is PMI and Do I Have To Pay It?
“PMI” is what’s known as Private Mortgage Insurance. You may be required to pay PMI if your lender considers you to be a riskier mortgage recipient. The best way to avoid having to pay PMI is to put 20% down. As long as you’re putting 20% down, most lenders will not require you to pay PMI. But your credit score and also comes into play. If you can’t put down 20% but you have a great credit score, you may still have PMI, but it will be much lower than normal.
Watch the video below to learn more.