Is there a cost penalty for putting less than 20% down on a new home mortgage?

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July 10 2009 - Plymouth Township
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Profile picture for Mr Caveat
when your lender does up all the paperwork he will charge you slightly more than just normal interest because of PMI... if you get a FHA loan, there is an origination fee instead
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July 10 2009
Profile picture for sunnyview
Sort of. You have to pay PMI (private mortgage insurance) every month until you have at least 20% equity and have aged the loan for a certain number of months.
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1Yes

July 10 2009
 

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