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private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender-not you-if you stop making payments on your loan.
Private mortgage insurance is an actual insurance policy issued by an insurance company that benefits your lender. If your home goes into foreclosure and the lender is not able to recoup the outstanding balance by selling the home, the insurance company that issued your PMI will pay the lender the difference.
You’ll be required to carry private mortgage insurance if you don’t have enough cash to make a 20% down payment on a home. It costs anywhere from 0.20% to 1.50% of the balance on your loan each year, based on your credit score, down payment and loan term. The annual cost is divided into and added to your monthly mortgage payment.
To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent.
The first step in getting rid of PMI is to understand that in most cases, you don’t need this coverage, and if you can get out of it, it generally works to your advantage. Look at the cost of private.
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Private mortgage insurance is the insurance that you pay to protect your lender. It might not make sense to you, and it’s definitely not popular, but PMI is mandatory if you have poor credit and are considered a high risk to the lender.
Generally speaking, private mortgage insurance is designed to protect the lender in case you stop making payments on your home, but PMI can be beneficial to homeowners because it can allow you to get qualified for a loan that you would otherwise not be able to afford without a 20 percent down payment. It can also help you qualify for a loan at a lower interest rate than if you were to get a conventional loan with a low down payment and no PMI (those usually have higher interest rates).
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