A high-quality look at private mortage insurance, also known as PMI, mortgage insurance, or MI.
See how choosing to carry private mortgage insurance can get you into a home sooner by removing the need for a large down payment. Â Also learn how a piggy-back mortgage loan can accomplish the same goal as PMI by getting you into your new home with less down than the standard 20% down.
A valuable primer on private mortgage insurance answering “what is it?” and “what does it do for me?” From the resource: “Private MI enhances a borrower’s ability to attain a homeownership situation that is right for them. Not only can private MI help put people in homes, but it can help put people in homes in which they want to live.”
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.”
