you’ll have to pay for private mortgage insurance. For example, if your home is valued at $200,000 and you refinance for more than $160,000, you’ll probably have to pay PMI. Private mortgage insurance.
Private Mortgage Insurance (PMI) allows a borrower to purchase a home with as little as 3% down, or refinance a home with as little as 5% equity. The amount of.
PMI premiums on a median priced home ($170,600 in 2010) can run between $50 and $100 per month, according to the Mortgage Insurance Companies of.
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Private Mortgage Insurance AKA PMI, is an insurance policy which protects the issuer of a home loan against default by the borrower. It is typically required on home loans in which the down payment is less than 20% of the appraised value of the property which secures the loan.
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Mortgage insurance then offers lenders a degree of financial protection in the event that you ever default on your loan, causing the investor to have to foreclose on or resell the property. How Does Mortgage Insurance Work? PMI is generally a prerequisite for conventional loans, if the buyer cannot afford a 20 percent downpayment.
About lender-paid mortgage insurance. A variation on PMI is lender-paid mortgage insurance, or LMPI. In this case, the lender self-insures the loan by charging you a somewhat higher mortgage rate, usually a quarter to half a percentage, rather than having you pay mortgage insurance premiums.
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Private Mortgage Insurance, or PMI, is insurance that protects the lender against loss if you (the borrower) stop making mortgage payments. Even though it protects the lender and not you, it is paid by you.