PMI is private mortgage insurance that is used with conventional loans. Insurance companies provide PMI, which is arranged by your lender to protect them if the borrower stops making payments.
But this only applies to mortgages where the down payment was less than 20 percent of a home’s
- PMI Doesn’t Protect You, It Protects Your Lender
- Different Types of Mortgage Insurance Programs Are Available
- PMI Costs Vary by Credit Score and Down Payment Amount
- PMI Premiums Could Be Due Upfront
- PMI Is Not the Same as Mortgage Life Insurance
- How to Get Rid of PMI
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