Private mortgage insurance is a great choice if you plan on making a smaller down payment. But the potential downsides of PMI tacking on an additional cost to your already pricey mortgage endeavor could prove to be rather disheartening. Even if you do need PMI, don’t worry – it doesn’t last forever.
When a homebuyer makes a down payment of less than 20 percent, the lender requires the borrower to buy private mortgage insurance, or PMI. This protects the lender from losing money if the borrower ends up in foreclosure. Private mortgage insurance also is required if a borrower refinances the mortgage with less than 20 percent equity.
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PMI stands for Private Mortgage Insurance. Lenders require it for anyone who owns less than 20% equity in his or her home or if the borrower is considered "high risk". PMI protects the lender in case of default and they are required to sell it at a loss. Foreclosed homes are often sold at less than their appraised value.
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What Buyers Need to Know About private mortgage insurance lenders require homebuyers to purchase PMI when their down payments are less than 20 percent of the value of the home. The evaluation of PMI is usually between .03 percent and 1.5 percent, based on the appraised value of the home, your credit score, and the amount of the down payment.
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When taking out a conventional loan, most lenders require that the borrower pay for private mortgage insurance (PMI). This is in order to protect the lender from losses in case you, the borrower, can no longer make payments and default on the loan. The PMI is then used to reimburse the lender.
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Before you start touring homes with a Realtor, your financials need to be in order. The more you know, the less of a risk you will be to them. Now is the time to begin shopping for homeowners.