pmi: Paying PMI? You need to read this!!!
- 09/06/08 09:09 AM
What is PMI? PMI stands for Private Mortgage Insurance. If you do not have 20% to put down as a downpayment on your new home, you will become familiar with this term fairly quickly! PMI is insurance that a lender requires you to pay each month if you do not have 20% down. This helps cover your lender in the event you default on your loan. And yes, it's a monthly expense to you. Ways to avoid paying PMI? Put 20% down! Or...let's get realistic...f you are like a lot of people, especially first time home buyers, it can be challenging … (0 comments)
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What is PMI? PMI stands for Private Mortgage Insurance. If you do not have 20% to put down as a downpayment on your new home, you will become familiar with this term fairly quickly! PMI is insurance that a lender requires you to pay each month if you do not have 20% down. This helps cover your lender in the event you default on your loan. And yes, it's a monthly expense to you.;)
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