Private Mortgage
Insurance, or PMI, is insurance paid by the
borrower to insure the lender for Losses in case the
borrower defaults on the loan. Generally, PMI is a
required when less than a 20% down payment is made.
What does PMI
cost? - The cost of PMI varies depending on the
loan type (fixed or variable), loan term (15 or 30 years)
and the exact amount of the down payment. The less down
the greater the premiums.
