What is PMI? Private Mortgage Insurance (PMI) is a type of insurance that conventional mortgage lenders require from borrowers who make a down payment of less than 20% on their home. This insurance protects the lender in case the borrower defaults on the loan. PMI is typically added to your monthly mortgage payment and can range from 0.58% to 1.86% of the original loan amount annually. For instance, using NerdWallet’s PMI calculator, if you have a $400,000 mortgage with 10% down you could be paying around $4... read more

If homeownership is on your future goals list, you're likely working hard on your savings. A crucial part of this journey is having a plan in place for costs like your down payment, closing costs, and more. Here are some effective strategies to help you speed up the process and explore additional assistance options. Create a Detailed Budget Start by creating a detailed budget that tracks all your income and expenses. This will give you a clear overview of your financial situation and help you identify areas where... read more