Private mortgage insurance is an actual insurance policy issued by an insurance company that benefits your lender. If your home goes into foreclosure and the lender is not able to recoup the outstanding balance by selling the home, the insurance company that issued your PMI will pay the lender the difference.
Your lender requires you to have private mortgage insurance so that if you can no longer make payments on your home, the lender will still get paid (through the private insurance policy). PMI basically safeguards the lender in the event of borrower default. It does not protect you, the borrower, if you fall behind on your mortgage payment.
Typically, you (the borrower) pay a monthly premium for private mortgage insurance (PMI). That’s an extra cost each month, and it takes a bite out of your budget. That’s an extra cost each month, and it takes a bite out of your budget.
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Brian Murphy, lender manager. Another top mortgage broker London & Country Mortgages said it has also seen a rise in the number of people opting for these types of loans. David Hollingworth, the.
Learn about Private Mortgage Insurance. Private Mortgage Insurance (PMI) is extra insurance lenders require from most homebuyers when the loan exceeds 80% of the property’s value. Unless your down payment is more than 20%, you will likely need PMI. PMI accomplishes two things in the mortgage industry:
what you need to know about private mortgage insurance (pmi) Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
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When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).
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Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender-not you-if you stop making payments on your loan.