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Eliminate PMI with your Down Payment

 

Just in this week, we have great news for homebuyers looking to buy before the end of the year. This week rocket mortgage, one of our top lenders, announced a change that will help homebuyers keep more money on hand and save on their monthly payments. Many prospective homebuyers look to put 20% down on their home but why is that the “target”? simply stated, if you put 20% down, you don’t have to pay PMI or private mortgage insurance. Well rocket came out and has eliminated PMI for any homeowners who put down 15% on their home through the end of the year. This means a homebuyer can accomplish the same goal as 20% down but keep the extra 5% in the bank. This is big because 5% can be a significant amount of money. Think about it, on a $400,000 home, that’s 20 grand. That’s 20 grand that can go toward home improvements, furnishing your dream home, or even put in reserves for future needs! That’s a lot of money – If you’re buying a home and want to see your options, give us a call today to review!