What You Need to Know About Private Mortgage Insurance (PMI)

Wondering why your mortgage rate is so high. Case in point: If you were unable to put a 20 percent down payment on your home, you were probably charged a private mortgage insurance (PMI), which.

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). What [.]

 · The percentage you pay depends on the type of mortgage insurance you need. Private Mortgage Insurance: Up to 1.5% of Your Loan Amount. Private mortgage insurance, or PMI, is for conventional mortgage loans with a loan-to-value ratio of less than 80 percent – that is, the loan amount equals 80 percent or more of the home’s value.

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 · PMI is something many new and move-up home buyers are faced with when they apply for a mortgage. eLEND offers insight into PMI and how it affects borrowers.. What You Need to Know About Private Mortgage Insurance (PMI)

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 · 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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Private Mortgage Insurance, or PMI, is a form of insurance you pay when buying a. If you have less than 20% equity in the house, you are automatically. You can check your credit score and read your credit report for free.

What's the deal with Private Mortgage Insurance?. value of your home to see if the computer determines that you have enough equity.

When a homebuyer makes a down payment of less than 20 percent, the lender requires the borrower to buy private mortgage insurance, or PMI. This protects the lender from losing money if the borrower ends up in foreclosure. Private mortgage insurance also is required if a borrower refinances the mortgage with less than 20 percent equity.