Category
Do I have to make PMI payments on my mortgage?
Answer
Private Mortgage Insurance (PMI) is typically required for any new loan that has less than 20 percent equity. So if your loan-to-value or LTV is more than 80 percent because you made less than a 20 percent down payment, you can expect to pay for PMI.
But we do also offer some loan packages that enable you to have a much higher LTV and a lower down payment without paying PMI, so be sure to ask us about those if you are interested. (Keep in mind that some borrowers may also qualify for a tax deduction based on how much PMI they pay, thanks to economic stimulus provisions at the federal level.)
