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An Introduction to Private Mortgage Insurance
Private mortgage insurance, often referred to as PMI, is insurance that lenders require borrowers to purchase when they get a mortgage and don’t have enough equity in the home. For many homebuyers seeking a mortgage, avoiding the added expense of PMI means coming up with a 20% down payment when buying a home. Unfortunately, several factors from the cost of housing to a tough economy can make it hard for new home buyersto come up with that kind of cash, but there are a few other options to avoid paying PMI premiums.
What is Private Mortgage Insurance (PMI)?
While at first private mortgage insurance may seem like just part of your mortgage payment, it is actually a very important and separate risk-management tool for lenders. This type of borrower-paid mortgage insurance protects the lenders against major loss in case the borrower defaults on the loan. An active PMI contract allows the lender to recover the money they loaned to the homebuyer even if the home is no longer worth enough to pay off the balance.
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