What is PMI and How Long Do I Have to Pay It?

In this episode of "The Brutally Honest Loan Officers," Derick and Stephen break down everything you need to know about Private Mortgage Insurance (PMI). They explain why PMI is required when you put less than 20% down on a home, how much it typically costs, and the differences between PMI for Conventional Loans and Mortgage Insurance Premiums (MIP) for FHA loans. Derick and Stephen also discuss how long you need to pay PMI and ways to potentially remove it earlier. Tune in to get the facts and tips to navigate your mortgage more effectively. Listen on Apple: https://podcasts.apple.com/us/podcast/the-brutally-honest-loan-officers-the-unfiltered/id1719876731 Listen on Spotify: https://open.spotify.com/show/7xa9pFuEeSYKwXvzQbVMGc?si=0046842781e24856