Private Mortgage Insurance
Posted by NewBuyer on December 28, 2009 | No Comments
A current, solid look at private mortgage insurance and the new law affecting it (and you). Topics include the benefits of PMI, new PMI requirements, The Homeowner’s Protection Act (HPA) of 1998, how to cancel or terminate PMI, what disclosures does the HPA require and what to do if your home value has increased?
A definition of PMI from the resource: “PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.”
Source: Federal Reserve Bank of San Francisco
Read More About Private Mortgage Insurance at Newbuyer.com
Tags: PMI
Filed Under: Home Buying
