Money Saving Tips and More....

When you buy a home and put down less than 20% for your down payment, most lenders require additional Private Mortgage Insurance (PMI) paid every month with your mortgage payment. Additionally, if you refinance your loan with less than 20% equity, you will pay PMI. This monthly insurance protects the lender in case your home goes into foreclosure. Sometimes this additional insurance is tax deductible - check with your accountant or the IRS website for this year's mortgage insurance deduction information.

Good news! You do not have to pay PMI for the life of your loan! If you currently have enough equity in your property to remove PMI, an appraisal report could be the proof you need to remove that cost. Talk to your lender about your PMI payments, and contact me when you are ready to order an appraisal report if they require one.

Posted by Jennifer Carpenter on December 5th, 2017 12:44 AMLeave a Comment

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