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>
  
==See Also==
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==References==
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{{Reflist|30em}}
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==External links==
 
[http://www.google.com/search?hl=en&q=define%3Aprivate+mortgage+insurance&btnG=Search Definitions of private mortgage insurance on Google]
 
[http://www.google.com/search?hl=en&q=define%3Aprivate+mortgage+insurance&btnG=Search Definitions of private mortgage insurance on Google]
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[[Category:Glossary]]
 
[[Category:Glossary]]
[[Category:Insurance]]
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[[Category:Liability insurance]]

Latest revision as of 18:40, 23 January 2015

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