One way to finance with both a lower down payment and no PMI is to use a second mortgage loan to cover part of the 20 percent. Lenders refer to this strategy as a piggyback mortgage arrangement.
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Most people can’t afford a 20% down payment, so paying PMI is common. That’s why Quicken Loans provides options to help clients with conventional loans – including the YOURgage – reduce or eliminate their PMI payments. If your goal is to get the lowest monthly mortgage payment possible, our PMI Advantage program could be right for you.
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Conventional loans traditionally require a down payment of 5 to 20 percent of the sale price. The down payment reduces risk for the lender, because in general, borrowers are less likely to default.
When you put down 20 percent or more of the purchase price of the home as a down payment, you don’t have to pay private mortgage insurance, or PMI. When you get a conventional loan and put down.
They are able to match your down payment funds if you have enough cash for a 10% down payment. With a home ownership investment, your monthly mortgage payment will be lower, and you can avoid PMI – without taking on additional debt. Your monthly payments still go toward building your equity in the home. Conclusion