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Mortgage insurances |
Welcome to Mortgage insurances,
subject 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.
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