What is Private Mortgage Insurance?
What are the benefits?
- Buying a home sooner – a higher loan-to-value ratio means less time is needed to save for a down payment.
- Increased buying power – if you have a certain amount set aside for a down payment, using MI may help you afford more home than if you put 20% down.
- Expanded cash-flow options – you may put less down and keep cash for other uses (making investments, paying off debt, or paying for home improvements or emergencies).
- Cancelling coverage – many Mortgage Insurance options may be cancelled when no longer needed.
- MI options