On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
We have been helping customers afford the home of their dreams for 42 years with over $ 1.5 billion dollars in closed residential loans and we love what we do!
Illinois Mortgagee License # MB 6761275
Florida Mortgage License # MB 4398
Company NMLS: 1656794
Regulated by: Illinois IDFPR-Director Rehwinkel 1 555 West Monroe St, 5th Floor, Chicago, IL 60661
888-473-4858
Gary DiCicco
President and Managing Partner
1890 S 14th St Suite # 140
Fernandina Beach, Florida 32034
840 S. Northwest Highway Suite #202
Barrington, Illinois 60010
Phone: (847) 717-9005
Fax: (800) 466-8091
gdicicco@p1mc.com
NMLS: 218864
IL 031-0049845
FL LO84443
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