Quick Guide To PMI

Private mortgage insurance (PMI) is required when a purchaser does not have a 20% down payment on uninsured loans.  For most first time home buyers, PMI is just the ticket to get you in a home years sooner, and start building equity.  Private MI is cancelable once you've built 20% equity in your home and a track record of     on-time payments.  This is a fixed-fee, predictable monthly payment that is folded into your mortgage payment.  Lenders offer a range of options for Private MI, be sure to consider all options available to you.  Private MI premiums are now tax deductible for many borrowers who purchase or refinance a home in 2007.  If you already have a down payment   Private MI may not be best for you, talk to your lender first!

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