Private mortgage insurance is usually required by your lender if your mortgage amount totals more than 80 percent of the fair market value (FMV) of your home.
The simplest solution is to pay 20% down, right? Well, it is a simple answer, but often an unreasonable one for the average homebuyer. However, there other options available to you. One common option is an "80-10-10" loan, available from some lenders. Lenders are open to this because they don't profit much from the PMI payment, they only use the dollars to protect themselves from the risk of you defaulting.
Therefore, many lenders have no issues presenting alternatives that allow for the elimination of PMI. If you have the money for a ten percent down payment, 80% of your home's value can be placed in the first mortgage, allowing you to skip the PMI payment. The remaining ten percent comes from a second mortgage, usually financed from another lender. This second mortgage will be at a slightly higher interest rate, but if the terms are reasonable, you will save money.
This is the option I've used myself, for a home that was purchased in December of 2007. So, don't let anyone tell you they don't exist...just find the right mortgage broker. See our related article, "what is an 80-10-10 mortgage loan?"
A less common solution, but one that might save even more...Read the rest...
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