realtors guide: A Realtor's Guide to "PMI & Short Sales"
- 11/17/06 02:57 PM
N.B.- This post is an excellent starting point but gets better as the reader scrolls through the comments. I was fortunate enough to draw the attention of my friend Bill Archambault , long-time lender and Realtor. He clarifies a few fine points and offers an opinion about negotiating short sales. PMI is known as the acronym for private mortgage insurance. Private Mortgage Insurance is used when a borrower has less than 20% for a downpayment. Private mortgage insurance protects mortgage lenders against potential losses in the event of borrower default. The insurance company, collects a monthly premium from the borrower (72 comments)