What is Private Mortgage Insurance (PMI)?

Private mortgage insurance provides protection to a lender in case you default on your home loan.

WHO IS IT FOR?

It’s for many aspiring homeowners, especially first-time buyers, who simply can’t afford to put down 20% on a house. Without the safeguard offered by PMI, lenders would be reluctant to extend mortgages to low-equity purchasers.

PMI might be unavoidable, but it isn’t eternal. Knowing exactly when you’re entitled to cancel coverage can save you a bundle!

SOURCE: HOUSE LOGIC

By |2018-09-08T06:28:08+00:00November 17th, 2017|Uncategorized|0 Comments