Will I need to pay private mortgage insurance?


If your down payment is less than 20% of your home’s purchase price, you will need to pay Private Mortgage Insurance (often called PMI), generally as part of your mortgage payment each month. Unlike the mortgage insurance premium paid monthly over the life of many government-insured loans, you may be eligible to cancel PMI after you reach 20% equity in your home — which could save you money over time.

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