Updated: Sep 11, 2018

If you are unable to put 20 percent down for your mortgage payment, you will be required to pay Private Mortgage Insurance or PMI. This insurance protects your lender from borrower defaults.

If you are thinking about buying a home and your mortgage will require you to carry PMI, keep in mind that you’ll be increasing your monthly cost of owning a home. The good news is you’ll only need to carry PMI until the value of your home has appreciated or when your loan has been paid down sufficiently.

In today’s market place, the benefits of being a homeowner often outweigh the extra monthly cost of PMI. We’d be happy to help you evaluate mortgage options you’re considering or refer you to a qualified lending professional who can give you a full picture of your options.

Send us an email today at + we'd be happy to help!

Laura Flynn, Real Estate Broker

Coldwell Banker

Downers Grove, IL

5114 Main Street

Real estate agents affiliated with Coldwell Banker are independent contractor sales associates and are not employees of the company.

© 2018 Coldwell Banker Residential Brokerage.All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

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