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Author Topic: What is Mortgage Insurance?  (Read 215 times)

Offline pianoman9701

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What is Mortgage Insurance?
« on: May 17, 2024, 01:03:06 PM »
Private mortgage insurance (or PMI) is a monthly premium you pay to protect a lender if you don't have a down payment of 20% or higher. It's your "skin in the game". Your credit score and down payment affects how high the PMI will be. There's also an Up Front Mortgage Insurance Premium (UFMIP) when you get an FHA loan, which is 1.75% of the loan amount, in addition to a monthly premium of .85%. FHA UFMIP and PMI rates are set. On other loans, the rates of PMI change from lender to lender. I have over three dozen lenders to shop for you. Call or PM me to find out how good it can be!
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

 


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