Op-Ed: Private mortgage insurance: one of the most powerful financial tools for first-time buyers
USMI President Seth Appleton authored an opinion piece in HousingWire on how private mortgage insurance (MI) is a powerful tool that helps first-time buyers and working-class families become homeowners years sooner and reduces the cash due at the closing table by tens of thousands of dollars. Appleton highlighted that private MI is not a closing cost, is cancelable, and how the cost of private MI has declined in recent years, unlike most other costs associated with homeownership.
“Private MI allows individuals to access homeownership with a down payment of as little as 3%, providing a path off of the sidelines and into a home years sooner than otherwise would be possible. This is particularly helpful for first-time and working-class buyers, who may not have cash reserves for a large down payment,” said Appleton.
Read the full piece here.
