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Smart Borrower: Down Payments and Private Mortgage
Insurance
Some lenders require 20 percent of the home's purchase price
as a down payment. However, many lenders now offer loans that require less than
20 percent down—sometimes as little as 5 percent on conventional
loans. If a 20 percent down payment is not made, lenders usually require
the home buyer to purchase private
mortgage insurance (PMI) to protect the lender in case the home buyer fails
to pay. When government-assisted programs such as FHA (Federal Housing Administration),
VA (Veterans Administration), or Rural Development Services are available, the
down payment requirements may be substantially smaller.
- Ask about the lender's requirements for a down payment,
including what you need to do to verify that funds for your down payment are
available.
- Ask your lender about special programs it may offer.
If PMI is required for your loan,
- Ask what the total cost of the insurance will be.
- Ask how much your monthly payment will be when including
the PMI premium.
- Ask how long you will be required to carry PMI.
Find out now!
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Mortgage Terms Defined:Overages
are the difference between the lowest available price and any higher price that
the home buyer agrees to pay for the loan. Loan officers and brokers are often
allowed to keep some or all of this difference as extra compensation.
Mortgage Terms Defined:Overages
are the difference between the lowest available price and any higher price that
the home buyer agrees to pay for the loan. Loan officers and brokers are often
allowed to keep some or all of this difference as extra compensation.
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to helping consumers find great
rates and information on mortgage refinancing
loans. We are not a loan originator,
agent, broker or carrier. We simply
provide relevant information and a
more convenient method for consumers
to request refinancing quotes from
licensed professionals near their
homes.