PMI - What is it and is it recommended???

[Jonah Stiles]

Background: I just met with a "mentor" of mine the other day talking about if real estate is right for me. He asked me why I haven't invested yet and I told him I was saving for a down payment. My mentor then suggested PMI and to insure my mortgage "with no money down"

Question: I've never heard of PMI before. What is it and is it recommended? I assume it takes from cash flow? Just wanted to know the positive or negatives and whether it's better to save for a down payment or go the PMI route.

Thanks for the help on my first ever post!