When we purchased our home, the mortgage that we locked into had a rate of 4.375%, a conventional loan lasting 30 years. Since we did not put down 20%, the dreaded PMI was tacked on. Our mortgage broker told us that in two years we can get rid of it. What a fat lie.
Private mortgage insurance is an insurance that the bank takes out against you because you failed to put down 20% of the purchase price as a down payment. If...
