Скачать или смотреть UPFRONT PMI VS MONTHLY PMI | WHICH IS BETTER? | CHRIS SMITH | THE SMITH GROUP | MORTGAGE ONE

Private Mortgage Insurance, or PMI, is a type of insurance that lenders require borrowers to get when their down payment on a conventional mortgage loan is less than 20%. In other words, PMI doesn’t protect the borrower; it only benefits the lender. 💰
 
With conventional financing, there is an option called “Upfront PMI” that lets you get rid of monthly mortgage insurance by paying a lump sum at the closing table. 💵
 
If the rates will stay the same for the next two to three years, it might make more sense to choose the Upfront PMI. ✔
 
I know this is a lot to take in, so if you need help understanding these mortgage tips, feel free to direct message me and I’ll give you more information about it. 📲

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