The 3 Strategies to Pay PMI

Elgin Real Estate Investing & Real Estate Financial Planning™ Podcast

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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