You can get a mortgage with a small down payment , but most mortgage lenders would prefer you to put at least 20% down. If you don't, they'll likely charge you for private mortgage insurance .Paying PMI means a larger monthly mortgage payment and typically amounts to about $30 to $70 more per month for every $100,000 borrowed, according to Freddie Mac.
Keep in mind that your loan servicer may have other requirements for canceling PMI, too. 'They may require you to have the mortgage for a certain period of time before you can request to have it removed based on home appreciation,' Jeremy Schachter, branch manager at Fairway Independent Mortgage, says.Explore your top home equity loan options online now.How to get rid of PMIThe first step is to get an idea of your home's current value.