What is PMI? 🤔 #shorts #realestate #realestateinvesting #investing

Private Mortgage Insurance (PMI) plays a crucial role in the real estate landscape. Often required when a homebuyer's down payment is less than 20%, PMI safeguards the lender in case of borrower default. While it adds an extra cost to the buyer's mortgage, PMI facilitates homeownership for those with smaller down payments, opening doors to a broader range of individuals aspiring to own a home.