Making a Larger Down Payment

What Are the Benefits of PMI?

Current Trends in PMI

3. Is PMI tax-deductible? PMI may be tax-deductible depending on current tax regulations and your income level.

4. Can I cancel PMI? Yes, PMI can typically be canceled once you reach 20% equity in your home.

5. How does PMI affect my mortgage rate? PMI itself does not directly affect interest rates, but it can lead to higher rates for higher-risk borrowers.

6. What are the alternatives to PMI? Alternatives to PMI include lender-paid mortgage insurance, FHA loans, and VA loans.

7. How do credit scores impact PMI rates? Higher credit scores generally lead to lower PMI rates, while lower scores can result in higher premiums.