Private Mortgage Insurance
What is Private Mortgage Insurance
Private mortgage insurance (PMI) is a policy that
protects lenders who make loans to individuals who want to buy or
refinance a home, but are unable to come up with the required 20%
down payment.
Private Mortgage Insurance Facts:
PMI plays a valuable role in expanding home ownership.
With PMI, families can purchase homes with as
little as 3-to-5 percent down payment on a home.
Nearly 1 million people a year buy or refinance a
home with PMI.
PMI cost home owners between $20 to $100 per month.
PMI can be canceled, under certain conditions, when
a good payment history is met and 20% or more equity is achieved on
the cost of the home.
If you were looking for information on mortgage life insurance click on the text
and go to our decreasing term mortgage life insurance page.
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