So if it isn’t true, why do people say it?🤨

The main reason for this is to get you out of paying for something called “Private Mortgage Insurance” or PMI. PMI is an additional payment each month 🗓 to your lender that protects them in case you default on your loan. Many people don’t want to pay for PMI so they put 20% down on their home 🏡 purchase and that is great!

Paying for PMI can benefit you though, if it allows you to stop renting and start earning equity 💰 on your home! According to the National Assoiciation of Realtors: “A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”

Ready to start your home buying journey 🗺 and need help connecting with a lender? Drop a comment and our team will message you recommendations for a couple local lenders here in Clatsop County!

#misconceptions #homeloan #loan #downpayment #debunk #myth #educatedrealtor #realtoreducation #knowledgeispower #themoreyouknow #neverstoplearning

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