Though PMI is typically required only for conventional mortgages, other specialized mortgage types have their own version of it -- with their own sets of requirements. There's a trade-off here. PMI increases your monthly mortgage payment but can allow you to buy a house with a lower down payment. If you decide to go the PMI route, compare private mortgage insurance rates from a variety of lenders before making a commitment. A direct deposit of news and advice to help you make the smartest decisions with your money.
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Still, you can find lenders out there who offer unconventional mortgages that allow you to skip PMI even if your down payment is super low.
But stay alert! But notice how they charge you a similar, alternative fee:. PMI means thousands of dollars coming out of your pocket with no benefit to you at all. We get it—saving up that kind of money takes serious determination.
You need patience and intensity to save for even half that—but you can do it! For more ideas on how to save a big down payment fast, check out our free Saving for a Down Payment Guide.
That way, you can make your down payment savings go a lot farther! An agent who eats, sleeps and breathes real estate knows where to find the best homes with the lowest prices as soon as they hit the market. For a quick and easy way to find an experienced real estate agent near you, try our Endorsed Local Providers ELP program.
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