What You Need to Know About Private Mortgage Insurance (PMI)

 · In order to pay your PMI, most lender-paid mortgage insurance option require you to accept a mortgage rate increase of up to 75 basis points (0.75%). This may be suitable to you, but be sure to discuss the LPMI option with your lender first — especially because LPMI never cancels like borrower-paid PMI does.

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Private mortgage insurance is an actual insurance policy issued by an insurance company that benefits your lender. If your home goes into foreclosure and the lender is not able to recoup the outstanding balance by selling the home, the insurance company that issued your PMI will pay the lender the difference.

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Depending on your credit score and other qualifications, you may be able to get a conventional mortgage for a primary residence with as little as 3 percent down (but you will have to pay private.

What You Need to Know About Private Mortgage Insurance (PMI) Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information.

Your lender requires you to have private mortgage insurance so that if you can no longer make payments on your home, the lender will still get paid (through the private insurance policy). pmi basically safeguards the lender in the event of borrower default. It does not protect you, the borrower, if you fall behind on your mortgage payment.

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What You Need to Know About Private Mortgage Insurance (PMI) Posted by Brent Wells on Wednesday, June 19, 2019 at 3:48 PM By Brent Wells / June 19, 2019 Comment Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home.

 · FHA loans require borrowers to pay upfront and ongoing mortgage insurance. Even with the insurance costs, an FHA loan may be a better deal for borrowers with lower credit scores than a conventional loan with PMI. VA loans do not have PMI or mortgage insurance, but there is a funding fee, which varies depending on the amount of your down payment.

If you’re on the hunt for a mortgage, there are some additional costs buyers often overlook until after they’ve said “yes” to.