All lenders do not require you to put down 20% on a home purchase, but if you do put anywhere from 5-15% down they require you to pay Private Mortgage Insurance (PMI). Plus, there are going to be other expenses that you will pay in cash @ closing.
PMI is typically rolled into a monthly mortgage payment(0.5 to 1% of the entire amount annually).
Once you have 20% or more equity in your home, request in writing from your lender that you no longer need the PMI.
We hope you found this information helpful.
Call us @ 408 399 1495 or email me @ monica.manocha@cbnorcal.com and lets talk more about your real estate needs...
Monica
www.mmgproperties.com
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We are ALWAYS committed to your needs... Los Gatos, Willow Glen, Cupertino, Evergreen, Almaden, Santa Clara, San Jose, Cupertino & surrounding areas. We Work Where Your Dream Home Is! "Se Habla Español" The Monica Manocha Realty Group (Los Gatos Real Estate specialists) are well established realtors in the Santa Clara County.
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