by Athena Paquette | Jan 20, 2015 | Blog, Home Buyers, Investors, Realtors
FALSE! Yes! You can refinance with just 10% equity, in some cases 5% equity with no monthly PMI. There are 4 ways to avoid PMI. Do our famous piggy-back loan where we give you one loan up to 80% of the value of the home and the rest on a second, or piggy back, loan....
by Athena Paquette | Sep 10, 2014 | Blog, Home Buyers, Home Owners, Investors, Realtors
A buyer with less than 20% down HAS to pay PMI. FALSE. In fact, there are 4 ways to pay PMI and 2 of them are not monthly. Here’s how: On a $400,000 loan on a condo with 5% down, you might have to pay $300 per month for PMI. However, to avoid that monthly fee,...
by Athena Paquette | Apr 18, 2014 | Blog, Home Owners
Myth Buster of the week: When you have less than 20% down you HAVE to pay PMI. NOT true. When you have 10% down, you can borrow the difference (the other 10%) from the bank. We work with a couple of banks who will give you the difference needed for 20% down and have...
by Athena Paquette | Nov 22, 2013 | Blog, Home Buyers, Home Owners
When you obtain a conventional loan, PMI or Private Mortgage Insurance is required if you put less than 20% down on your new home. PMI protects the lenders if the buyer defaults on the loan; and it is usually added to the monthly mortgage payment. With true Private...