Hi, everybody. It’s Kenneth, Capitol Mortgage Group. So a question I get asked quite a bit, how much do I have to put down as my down payment if I want to avoid PMI or private mortgage insurance on my home loan? Well, the rule of thumb has always been 20%. However, in recent years, as the housing market continues to get stronger and stronger, the cost for private mortgage insurance continues to drop dramatically year after year.
So many lenders within my 55 lender network are actually absorbing the costs for the PMI for well qualified buyers. So well-qualified buyers with high credit scores, but less than 20%, don’t see PMI on their mortgage. If you want to find out a little bit more about that, call me at 362-7600 or www.capitolmortgagegroup.com. A better way to save for your mortgage, a better way to avoid PMI, a better way for your home loan