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If you have family who can gift you the balance of the 20% downpayment, you can avoid PMI and gifts don’t have to be paid back. Structure your loan as an 80-10-10 AKA PiggyBack loan . This is a very practical option for borrowers with great credit.
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The best way to avoid PMI is to save up money for a down payment before you buy a home. This can take time and it may be frustrating if you feel pressured to buy a home right now. However, the added equity in your home can make it easier for you to purchase a nicer home and it will take the pressure off if you need to sell your home in the future because of a move.
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Fortunately, there are ways to avoid paying private mortgage insurance, options that you want to be aware of as you go to buy a home. Understanding what PMI is, why it exists and what you can do to avoid it, is worthwhile if you want to save money on your home purchase.
In order to avoid PMI, the best way is just to make a higher down payment. If you put down 20%, you can avoid mortgage insurance altogether. The good thing about this is you can avoid the monthly fee for the insurance policy. On the downside, you may be limited in terms of the budget you have for your house if you want to be able to put 20% down.
4 ways to avoid paying private mortgage insurance. If you’re wondering how to get a mortgage or refinance an existing one without PMI, here are some tips to consider: 1. Put 20% down. Get a conventional loan from lenders like loanDepot, Movement Mortgage, and CashCall, and make an all-cash down payment of at least 20% of the purchase price.
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Mortgage insurance is something that most people would like to avoid, as it can add substantially to the monthly payment on a mortgage. Most mortgage payments already include the escrowed amount for taxes and for regular home owners insurance as it is, and PMI can.
A look at private mortgage insurance (PMI), how much it costs, how to avoid it, its tax deductible status, LTV ratio, and how you can get rid of it.