PMI - Knowing The Rules Can Save You Thousands of Dollars

PMI (Private Mortgage Insurance) has been around since the 1950s. It is usually required by many mortgage lenders to minamize the risk of a default by the borrower when a conventional loan exceeds 80 percent of a home's market value, It is designed to partially compensate the lender for losses suffered if a borrower defaults on a loan.

If you are currently paying for PMI as part of your mortgage payment, 1990 and later rules changes may allow you to save thousands of dollars! It's important to understand and know the rules. Click here for details.

The Federal Reserve Bank of San Francisco has a consumer information page explaining PMI and your rights under The Homeowner's Protection Act (HPA) of 1998.  They also have a brocure (PDF) that you can download.  Click on the image at right or here to access their page and the link to download their brochure.
 
 
 
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