What is PMI and Why Do I Need It When Buying a Home?

"What is PMI and Why Do I Need It When Buying a Home?"

Realtor Melanie Cameron explains what PMI or Private Mortgage Insurance is, why you need it, how long you'll pay it, and how much it will cost you as a home buyer. She also explains how you can go about getting the PMI removed early, depending on the terms of your loan. This could save you significant money.

00:00 Introduction
00:37 What is PMI?
01:00 Why Do I Need PMI?
01:17 How Much is PMI?
01:40 When Does PMI Go Away?
01:56 3 Ways to Remove PMI
03:07 Conclusion

PMI is one of many terms you need to understand when you decide to purchase a home. Have more questions about the buying process? Check out the other videos on our Frequently Asked Questions playlist or give Melanie a call at the numbers below.

Melanie Cameron, Broker
The Cameron Team
Coldwell Banker Sea Coast Advantage
910.202.2546 office
910.233.2840 cell
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[thecameronteam]

Thanks for watching! If you have any questions about PMI, let us know.