PMI can be paid up front in one lump sum or as an additional monthly payment until your reach 78% LTV (loan to value) paying your down your principal on the mortgage - then PMI will drop off.
Most conventional mortgages require 5% minimum downpayment.
FHA requires 3.5% minimum downpayment and charges MIP (there is more to this one)
Guaranteed Rate can go as low as 3% with the qualifying home buyers.
VA - no downpayment and no PMI
To find out more, go to my website at https://www.guaranteedrate.com/maryKayLaurent
And pull down the e-book "Demystifying the Mortgage Process" you'll learn:
1. How to shop for and get a low cost and low rate mortgage
2. What's important to lenders in order to qualify you for a mortgage
3. What credit scores are and why they're important in the mortgage process
4. The Dos and Don'ts before applying for a mortgage
5. What documents are involved in getting a mortgage
6. The steps and timeline for getting a mortgage and buying a home
Also on my website you can apply for a mortgage, get a pre-approval letter in 10 minutes and a free credit report.
Please let me know if I can be of further assistance!
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 / m: 312.403.4150 / f: 773.435.0681
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
NMLS ID 2611 / NMLS Consumer Access / Licensing Information
State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611