In the Shreveport Bossier City real estate market if you pre-qualify for loan programs that require down payments of 20% or less, most lenders require you to purchase Private Mortgage Insurance (PMI) when buying your new home. However recently some lenders are offering new loan programs that require no PMI even with down payments of less than 20%. Some Shreveport Bossier City real estate lenders offer new loan programs with no down payment at all.
Private Mortgage Insurance is required by lenders who want an 80% loan to value ratio in the secured Shreveport Bossier City homes. It is simply an insurance policy you buy for the lender that pays that lender the first 20% of the loan amount if you default on the loan. This policy is paid for with an initial payment by you at closing and regular monthly payments which make up your total monthly mortgage payment.
MAIN OFFICE® Shreveport Bossier City real estate agent professionals can explain PMI and if your situation can benefit from avoiding it. Often this can reduce the monthly payment on your new Shreveport Bossier City home by $100 of more depending on your loan amount. Call
when you're ready.
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