Are you searching for a Beacon Hill condo for sale? And if so, did your bank/lender tell you, that you will need private mortgage insurance, also known as PMI.

While experienced Beacon Hill condo buyers might know the thought process behind private mortgage insurance — commonly referred to as PMI — first-time downtown Boston real estate buyers might be new to the term and have no idea what it is or why it’s needed.

What is PMI?

If you’re purchasing Boston real estate and your downpayment is less than 20% of the purchase price, your mortgage lender will require private mortgage insurance. Very simply, PMI protects the lender in the event that you can no longer make your mortgage payment. The cost for PMI is rolled into your monthly mortgage payment and automatically goes away once you’ve built up equity of 20% in your Beacon Hill condo.

Nationally, the average downpayment on a home last year was 13%, which means there are a lot of homeowners required to carry PMI. The overall cost of the policy is based on your loan-to-value ratio and typically costs anywhere from $30 to $70 per month.

Bottom Line

We hope that helps clear up the issue of PMI and why it’s required, but if you have additional questions or concerns, please contact The Ford Realty Team today!

Beacon Hill Condos for Sale

44 Results
2
Beds
1
Baths
539
SqFt
(18)
 
 
#72577483 | Condo
 
1
Beds
1
Baths
550
SqFt
(8)
 
 
#72568836 | Condo
 
2
Beds
1
Baths
600
SqFt
(23)
 
 
#72574147 | Condo
 
1
Beds
1
Baths
600
SqFt
(7)
 
 
#72542907 | Condo
 
2
Beds
2
Baths
1,028
SqFt
(17)
 
 
#72517792 | Condo
 
1
Beds
1
Baths
512
SqFt
(10)
 
 
#72570519 | Condo
 
1
Beds
1
Baths
726
SqFt
(23)
 
 
#72581376 | Condo
 
2
Beds
1
Baths
750
SqFt
(12)
 
 
#72559800 | Condo
 
1
Beds
1
Baths
897
SqFt
(15)
 
 
#72574013 | Condo
 
2
Beds
1
Baths
720
SqFt
(20)
Open House: Nov 23, 2019 12:00 PM - 2:00 PM
 
#72594402 | Condo
 
2
Beds
1 | 1
Baths
756
SqFt
(25)
 
 
#72504073 | Condo
 
1
Beds
1
Baths
782
SqFt
(9)
Open House: Nov 23, 2019 11:30 AM - 12:30 PM
 
#72560347 | Condo
 
1
Beds
1
Baths
749
SqFt
(6)
 
 
#72532481 | Condo
 
3
Beds
3
Baths
1,050
SqFt
(15)
 
 
#72541646 | Condo
 
1
Beds
1 | 1
Baths
930
SqFt
(22)
 
 
#72567771 | Condo
 
2
Beds
2
Baths
977
SqFt
(12)
Open House: Nov 24, 2019 1:30 PM - 2:15 PM
 
#72558356 | Condo
 
2
Beds
1
Baths
920
SqFt
(16)
Open House: Nov 23, 2019 12:00 PM - 1:00 PM
 
#72573497 | Condo
 
2
Beds
2
Baths
897
SqFt
(15)
 
 
#72509339 | Condo
 
2
Beds
1
Baths
1,028
SqFt
(18)
 
 
#72566430 | Condo
 
2
Beds
2
Baths
1,058
SqFt
(15)
 
 
#72592541 | Condo
 
2
Beds
2
Baths
1,100
SqFt
(13)
 
 
#72581186 | Condo
 
1
Beds
1
Baths
683
SqFt
(23)
 
 
#72593525 | Condo
 
2
Beds
2
Baths
1,238
SqFt
(12)
 
 
#72521710 | Condo
 
1
Beds
1 | 1
Baths
1,183
SqFt
(4)
 
 
#72569796 | Condo
 
© 2019 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
MLS PIN data last updated at November 21, 2019 8:21 AM ET

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