What are the 3 different strategies for paying Private Mortgage Insurance, PMI, when buying properties with less than 20% down payment? What are the pros and cons of each?
Whether they're putting 15% down and buying a non-owner-occupied property or utilizing an owner-occupied loan with 0%, 3%, 3.5%, or 5% down for Nomadingâ„¢ or house hacking, some real estate investors will choose to put less than 20% down. With the decision to put less than 20% down comes the choice of how to pay for private mortgage insurance (PMI).
There are three options (plus some combinations of the three options): up-front lump sum, lender-paid, and monthly. And, as you might have guessed, there are pros and cons to each option.
In this mini-class, James will cover the three options and go over the pros and cons of each.
Included In This Class
What is Private Mortgage Insurance (PMI) and why does it exist?
Paying PMI with a single, upfront, lump-sum payment
Voluntarily increasing your mortgage interest rate and having the lender pay for PMI
Paying PMI monthly
The pros and cons of utilizing each strategy
Plus much more...
How to Access in 3 Easy Steps
Click on the PODCAST button next to your city.
Select your preferred podcast player (Apple, Spotify, etc) and subscribe for free.
Enjoy!
Love,
James Orr
*As of February 23, the total number of downloads across all Real Estate Financial Plannerâ„¢ city-specific real estate investing podcasts for all episodes over all-time is over 85,819.
Keep reading with a 7-day free trial
Subscribe to Real Estate Financial Plannerâ„¢ to keep reading this post and get 7 days of free access to the full post archives.