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Private Mortgage Insurance Rates
 
Private Mortgage Insurance has long been a source of eye rolls for many home buyers. However, once you look at PMI for what it is-- a tool to reduce the risk of a mortgage loan-- you may look at it in a different light.
 
Similar to most insurance we use everyday, mortgage insurance is there to protect the lender if ever a home is foreclosed on. Simple enough, right? What most buyers dislike about PMI is that it's just another thing to pay for. The true spirit behind Private Mortgage Insurance is to enable buyers who do not have 20% for a downpayment to get a conventional mortgage loan and take advantage of the low interest rate and the opportunity to cancel their PMI (As of right now, you cannot cancel MI on a government loan. It automatically falls off with conventional loans!)
 
However, if you are still trying to save the most money possible, there a few ways to make sure you get the lowest MI rate. At Equity, my team and I always choose the MI Company with the lowest cost to the borrower. I've written up a helpful scenario of the typical conventional ... more

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