If you make a down payment of less than 20%, most mortgage lenders will require you to pay for private mortgage insurance (PMI). PMI is charged based on the loan value, your credit score, and other factors, and can be expensive.

Our research, news, ratings, and assessments are scrutinized using strict editorial integrity. Our editorial staff does not receive direction from advertisers on our website or our Partnerships Team. Our company may receive compensation from partners seen on our website. Here's how we make money.