Difference between revisions of "Private mortgage insurance"

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Private mortgage insurance
 
;Most lenders require PMI insurance for loans that exceed 80% of the home’s value. The insurance protects the lender, but the borrower pays a premium of .5% to 1% up front and a monthly charge. This insurance allows the borrower to obtain loans for which they would not ordinarily qualify.
 
- from [http://www.mortgage-smart.info/required-reading/article.php?id=8 Mortgage Smarts]
 
  
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Most lenders require '''private mortgage insurance''' (PMI) for loans that exceed 80% of the home’s value. The insurance protects the lender, but the borrower pays a premium of .5% to 1% up front and a monthly charge. This insurance allows the borrower to obtain loans for which they would not ordinarily qualify. <ref>[http://www.mortgage-smart.info/required-reading/article.php?id=8 Mortgage Smarts] </ref>
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==References==
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<references/>
  
 
==External links==
 
==External links==

Revision as of 01:14, 18 September 2013

Most lenders require private mortgage insurance (PMI) for loans that exceed 80% of the home’s value. The insurance protects the lender, but the borrower pays a premium of .5% to 1% up front and a monthly charge. This insurance allows the borrower to obtain loans for which they would not ordinarily qualify. [1]

References

External links

Definitions of private mortgage insurance on Google