avoid: How Can I Avoid a PMI Payment
- 05/14/15 01:12 AM
PMI, also known as Private Mortgage Insurance, is put into place to simply protect a lender in the event that a home buyer defaults on their mortgage. From the mortgage lender’s perspective, PMI is necessary in order to protect their investment and in turn, keep their rates low. This ensures that a mortgage lender can safely do business with you. When is a PMI payment needed?A mortgage lender is often going to require a PMI payment if the borrower does not provide a 20% down payment on the home. If this is not possible, the loan becomes a riskier investment for the lender, … (2 comments)
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PMI, also known as Private Mortgage Insurance, is put into place to simply protect a lender in the event that a home buyer defaults on their mortgage.
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