How to Get a Loan Without Private Mortgage Insurance (PMI)

Video Transcript

"Hi, how to obtain a mortgage loan without paying PMI or private mortgage insurance. That's going to be the topic of today's discussion. My name's Adriel Torres. I'm the owner of ultimatecredittoday.com. Now in order to obtain a loan without PMI, you have to do one of two things. One, you have to have the balance of the note or the loan amount, excuse me the loan percentage, eighty percent or below. Any time it goes above eighty percent you have to pay PMI, which is insurance on the loan. Or you can get a second mortgage from a lender for the remaining ninety or ninety five percent. So you will have to come to the table with at least five percent nowadays because the one hundred percent mortgages don't exist anymore. So as long as you have your closing costs and your down money, you can get the first loan from an A type lender and the second mortgage to cover the remaining balance from another lender. And that's how you avoid paying PMI on a mortgage loan. Again, my name's Adriel Torres and I'm the owner of ultimatecredittoday.com. Thank You."