These are the checklists related to Private Mortgage Insurance.
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- Discuss monthly PMI versus up-front PMI with Lender
Often for Nomads it is better to pay a one-time up front PMI (Private Mortgage Insurance) payment instead of monthly PMI on their loans.
This may mean coming to Closing with a little more cash.
Sometimes it means voluntarily raising your interest rate with your Lender to get a credit to pay for some or all of the up-front PMI.
Discuss these two scenarios with your Lender to see which one makes more sense to you.
Mark this task complete once you've discussed this with your Lender and decided which you'll pick.