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Introduction

As we enter 2023, the dream of owning a home without mortgage insurance is becoming a reality for many aspiring homeowners. Mortgage insurance, also known as PMI, is typically required when a borrower puts down less than 20% of the purchase price of a home. This insurance can add hundreds of dollars to a monthly mortgage payment, making homeownership unattainable for some. However, with new programs and options available, more and more people are able to purchase a home without mortgage insurance.

The Benefits of Avoiding Mortgage Insurance

Aside from the obvious benefit of saving money on monthly mortgage payments, avoiding mortgage insurance can also help homeowners build equity in their home faster. With a lower monthly payment, homeowners can put more towards their principal balance, allowing them to pay off their mortgage sooner. Additionally, not having to pay mortgage insurance can make it easier for homeowners to qualify for a larger loan, giving them more options when it comes to choosing a home.

How to Avoid Mortgage Insurance

One way to avoid mortgage insurance is to put down 20% or more of the purchase price of a home. While this may not be feasible for everyone, there are other options available. Some lenders offer programs that allow borrowers to put down as little as 3% without having to pay mortgage insurance. These programs typically require a higher credit score and a strong financial history, but can be a great option for those who don't have a large down payment saved up. Another option is to take out a piggyback loan, also known as an 80/10/10 loan. With this type of loan, the borrower takes out a first mortgage for 80% of the purchase price, a second mortgage for 10%, and puts down a 10% down payment. This allows the borrower to avoid mortgage insurance while still putting down less than 20%.

The Future of Mortgage Insurance

As more and more people are able to purchase homes without mortgage insurance, it's possible that we'll see a shift in the way lenders approach this type of insurance. Some experts predict that lenders may start offering lower interest rates to borrowers who are able to put down a larger down payment, since they are seen as less of a risk. Additionally, we may see more lenders offering programs that allow borrowers to avoid mortgage insurance altogether, making homeownership more accessible to a wider range of people.

Conclusion

Owning a home without mortgage insurance may have seemed like an impossible dream just a few years ago, but with new programs and options available, it's becoming a reality for more and more people. Whether you're able to put down 20% or take advantage of a low down payment program, avoiding mortgage insurance can help you save money and build equity in your home faster. As we move forward into 2023 and beyond, we may see even more changes in the mortgage industry that make homeownership more accessible to everyone.