Quote:
Originally Posted by Pinky678
Yeah, my husband involved with Military. How about pay the bills if we get a house? I hope the property tax go down either. What is PMI mean? I am learning.
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PMI = Private Mortgage Insurance
If you do not put down more than 20% down payment on the house, you will have PMI. Its Mortgage lenders's protection from losing the loan to people who has loan under 20% down payment.
If 20% or more, PMI is waived. Veterans Affairs (VA) loans waives the PMI. One more bank do waive PMI if you are under 80% of the medium income in a specific county.
Is that clear?