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private mortgage insurance: Private Mortgage Insurance to become Tax Deductable...for next year at least - 01/18/07 09:54 PM
Who doesn't hate private mortgage insurance?  For years lenders have charged PMI fees to borrowers who couldn't afford to put 20% down when purchasing their home, and why not?  Private Mortgage Insurance or PMI makes complete sense from a lenders perspective.  When they agree to lend money to borrowers with little or nothing down, they are assuming all the risk on a loan, and when a borrower doesn't put any of their own money into a transaction, that risk can be great.  Enter Private Mortgage Insurance.  Companies like Radian and Genworth Financial offer Private Mortgage Insurance Policies to banks that cover … (4 comments)

private mortgage insurance: What is PMI - 08/24/06 09:53 PM
What is PMI?
PMI or Private Mortgage Insurance is an insurance policy that banks require a home buyer to pay when they own less than 20% of the house or make a down payment smaller than 20% of the home's value.  FHA loans have a similar insurance called FHA mortgage insurance or MI.
1.  Lenders make all decisions based on risk.  A client with no equity has no interest in making their loan payment and can easier give up on the whole loan.  The less you put down or the less equity you have the higher your PMI payment.
2.  PMI is paid to … (1 comments)

 
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