What Is Private Mortgage Insurance PMI

Dated: 12/13/2017

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Private mortgage insurance provides protection to a lender in case you default on your home loan.

WHO IS IT FOR?

It’s for many aspiring homeowners, especially first-time buyers, who simply can’t afford to put down 20% on a house. Without the safeguard offered by PMI, lenders would be reluctant to extend mortgages to low-equity purchasers.

PMI might be unavoidable, but it isn’t eternal. Knowing exactly when you’re entitled to cancel coverage can save you a bundle!


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SOURCE: HOUSE LOGIC

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