How to Avoid PMI When Buying a Home
Mortgage insurance, or PMI, is a policy that protects lenders if they default on their loans. When you take out a mortgage, lenders require borrowers to buy PMI if their only have less than a 20% down payment. While it might be costly, it can be avoided if you put down enough to qualify for a conventional mortgage, which does not require you to buy PMI. Private mortgage insurance (PMI) is a common expense for homebuyers, but it doesn't automatically mean you're stuck with a higher mortgage payment. By refinancing your mortgage with the help of a mortgage advisor Red Deer (or your local area), you can either avoid PMI altogether or significantly reduce the amount you pay for it. Start by searching for a lender who can assist you…