What You Need to Know About Private Mortgage Insurance (PMI) – Jessica Couch
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Loans with less than 20 percent down typically require private mortgage insurance payments made monthly. PMI is designed to protect the lender (not you) if you stop making payments on your loan. PMI is designed to protect the lender (not you) if you stop making payments on your loan.
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Brief tutorial on how to calculate PMI, or Private Mortgage Insurance on an FHA loan.
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You’re going to be subject to having PMI. Here’s what you need to know regarding private mortgage insurance with regards to financing your house. When you have less than 20% equity on your house the mortgage company is going to require you to have private mortgage insurance which Insures the loan if you default on your mortgage.
For these programs, the insurance is technically not private mortgage insurance, but the result, as far as you’re concerned, is the same: you pay an added fee to insure the loan against default. The cost of a PMI comes in the form of a , although the payment is usually rolled into the monthly mortgage payment.
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Know. you’d need to come up with 10% down. And below 500, you likely wouldn’t be able to get the loan. Remember those monthly premiums for the FHA insurance will last for the life of the loan,
Like other kinds of mortgage insurance, PMI protects the lender-not you-if you stop making payments on your loan. PMI is arranged by the lender and provided by private insurance companies. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price.
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