If you are making a down payment of less than 20%, many lenders will request that you obtain private mortgage insurance (PMI), which helps make the lender whole should you default on your loan. PMI costs will likely result in a slight increase in your overall monthly payment, but can be a useful strategy for buying a house with a lower down payment.
Pages on the site that refer to private mortgage insurance (PMI)
Down payment strategies
purchase
> homebuyer's guide
> step 1
Low down payments
mortgage challenges
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