No large downpayment? Learn about PMI.
It can be difficult to come up with a large downpayment when buying a home. However, there are programs available to assist those who want to buy a home without the typical 20% down. Lenders may require PMI,or private mortgage insurance, to protect their investment when lending to those who are unable to put a large chuink of cash on the table. Costs vary, and it is an additional expense, but for many, it can be easier to swallow this added expense than to save up thousands of dollars for a downpayment.
Watch your loan balance
Keep an eye on your loan balance. When you’ve paid down your loan, it may be possible that PMI is no longer needed. Please talk with your mortgage lender or any of the REALTORS at First Weber Group about PMI and downpayments. Today’s real estate market has some great opportunities and don’t let the lack of a large downpayment get in the way of homebuying if you want to become a homeowner.
Estimate mortgage payments, search for points of interest around properties
For additional articles about buying a home in Wisconsin, please see our home buyer section of the blog. Get preapproved by a lender, then check out properties for sale at firstweber.com. On each property detail page, you can find estimated mortgage payments and also find points of interest around the property. Click the map on the property detail page to search for neighborhood amenities.
Thanks for reading the First Weber Wisconsin real estate & Wisconsin living blog for information on PMI and how it can help you buy a home with little downpayment. For assistance, please contact a First Weber Group Realtor or email First Weber. You may view additional videos at First Weber’s Video Channel.