Avoiding private mortgage insurance (PMI) is a crucial aspect of homeownership, as it can save you thousands of dollars over the life of your loan. PMI is an insurance policy that protects the lender in case you default on your mortgage, and it is typically required when you have less than 20% down payment.
There are several ways to avoid paying PMI. One option is to put down 20% or more on your home purchase. This will eliminate the need for PMI because the lender will have more equity in the property.