Yonkers Real Estate Investing & Real Estate Financial Planning™ Podcast

What are the 3 different strategies for paying Private Mortgage Insurance, PMI, rate in Yonkers when buying properties with less than 20% down payment? What are the pros and cons of each?

Show Notes

The 3 Strategies to Pay Private Mortgage Insurance (PMI)

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 Nomading™ 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.

Check out the video from this class here:

The 3 Strategies to Pay Private Mortgage Insurance - Video

In this class, James discusses:

  • 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...

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What is Yonkers Real Estate Investing & Real Estate Financial Planning™ Podcast?

Learn all about investing in real estate in Yonkers, New York with a combination of real estate financial planning and modeling with numbers specific to Yonkers plus syndicated, more generalized recordings of live and pre-recorded real estate investing classes (not all specific to Yonkers).