What Is PMI?
Thursday, August 14th, 2008I was just looking into our options for getting a mortgage from a mortgage services company. We don’t have any savings to put down twenty percent as a down payment, so the mortgage broker said we had to get PMI. What exactly is PMI? And how does it work? Is it really expensive? I heard that there is also something called an 80/20 loan that people can get if they don’t have a big down payment. Is this a better option than PMI? The mortgage broker didn’t mention this option, so I plan to ask him to give me the interest rates for this as well so I can compare.
