It's not the end of the world if you have to get P.M.I., but it should be avoided if possible.
If you can put at least 20% down when buying a home.
By doing so the lender won't require you to get P.M.I.
P.M.I.
P.M.I. = Waste Of Money
P.M.I. stands for Private Mortgage Insurance.
Typically when buying a home, you have to pay P.M.I. if you put less than 20% for your down payment.
PMI protects the lender, not you if you stop making payments on your loan.
Think about that... the insurance is to protect them, but you have to pay for it!
Depending on your loan amount, it can cost you $200, $300, $400, on top of your mortgage payment.
You should avoid this if possible
Put at least 20% down and you will avoid paying P.M.I.
