How Much Is PMI (Private Mortgage Insurance)? What You Need to Know
If you are looking to buy a home but are putting in less than a 20% down payment, you'll likely be paying PMI or Private
What Is PMI?
PMI is essentially an additional payment as part of your mortgage that acts as insurance for the lender of a mortgage if the borrower stops paying back their loan. You'll only have PMI to pay if you put a down payment of less than 20% on your home.
When Is PMI Required?
PMI may be required when you're purchasing a house or refinancing your mortgage.
Who Provides PMI?
If you do need to pay PMI, your lender, not you, will choose the provider of the PMI.
When Do You Pay PMI?
PMI payments can be paid in a few ways depending on PMI type: -Monthly Premium -Upfront Premium -Monthly and Upfront Premium
Types of Private Mortgage Insurance (PMI)
-Borrower-Paid Mortgage Insurance -Single-Premium Mortgage Insurance -Lender-Paid Mortgage Insurance -Split-Premium Mortgage Insurance -Federal Home Loan Mortgage Protection (MIP)
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