Posts Currently viewing the tag: "PMI"

What is PMI on a mortgage? PMI is an insurance policy (Private Mortgage Insurance) that covers part of the lender’s losses in case that you default on your home loan (as in a foreclosure). FHA (Federal Housing Administration) loans call it MI (Mortgage Insurance) but they are basically the same thing. This type of…(Read More)

Private Mortgage Insurance

PMI Explained


What is PMI? When you are purchasing a home and looking for a mortgage the one thing that is often overlooked is PMI. PMI stands for Private Mortgage Insurance and chances are you will have to pay for it. PMI is for the lender’s benefit, not for yours. Typically, home buyers who put down…(Read More)