Many home buyers have to pay for mortgage insurance, and that’s not necessarily a bad thing. PMI is typically required on mortgages with less than 20% down. But note that a couple of the lenders listed above say they’ll pay your mortgage insurance for you. Those aside, PMI is a good thing in the sense that it can help you buy a home much sooner than would otherwise be possible. And it’s possible to refinance into a loan without PMI later on.