how big of a down payment do you have to give to avoid paying mortgage insurance?
May 10, 2010 by
Filed under mortgage insurance
and how much is mortgage insurance?
Mortgage information that is out of this world!
May 10, 2010 by
Filed under mortgage insurance
and how much is mortgage insurance?
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20% of the purchase price as down payment on primary residences. Mortgage insurance rates can vary based on loan to value and credit scores. Ask your loan consultant about lender paid mortgage insurance. That may be just what you need. Good luck!
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I would recommend a 80/20 loan or a 80/15/5. This is a first loan of 80% and a 2nd loan of either 20% or 15%.
The PMI is based on the first trust and since you are borrowing only 80% there is no PMI.
20% on a first mortgage to avoid pmi.
try ot avoid the 80/20 loan scenario….that is part of the reason the country is in the foreclosure mess….that and adjustable rate mortgages
~ good luck ~
real estate paralegal
20 precent. Or an 80/10/10 loan. I can actually give you a loan with lender paid PMI.
20% down avoids mortgage insurance.