How to Avoid Paying Private Mortgage Insurance

 Fortunately, there are ways to avoid paying private mortgage insurance, options that you want to be aware of as you go to buy a home. Understanding what PMI is, why it exists and what you can do to avoid it, is worthwhile if you want to save money on your home purchase.

Below you will see a detailed explanation on how to avoid paying private mortgage insurance by using a few different financing methods including:

  • A piggyback mortgage loan.
  • Lender backed mortgage insurance or LPMI.
  • Opting for a different type of loan like a Veterans Mortgage. If you qualify.
  • Using a credit union for getting a mortgage.
  • Getting a jumbo loan.

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