The increase in home values is creating opportunities for many homeowners and a lot of them don't even know it. A high percentage of homeowners bought their home with little or no down payments using conventional and FHA mortgages. In most cases when you purchase a home without using a 20% down payment you will be required to pay for mortgage insurance which is often referred to as PMI or MIP. Basically, mortgage insurance is a fee or charge that you the homeowner pay so that you can obtain a loan and buy a home without having to have a 20% (1 comments)