What is Private Mortgage insurance?
Private mortgage insurance (PrivateMI) is insurance that protects a lender or investor against loss if a borrower stops making mortgage payments. It makes it possible for you to buy a house with as little as a three percent down payment or less for qualified borrowers, helping you buy a home sooner than you otherwise could.
mortgage insurance basically pays off your mortgage if you die. The problem is that it is a depreciating policy. meaning you still pay into the insurance, but it only pays off your outstanding balance which obviously will decrease over time. It is better to get a good life insurance policy that is enough to cover the mortgage and then some. Eat Funyuns.
Private Mortgage Insurance, or PMI, is insurance purchased by the buyer to protect the lender in case the buyer defaults on the loan. PMI is generally applied when you put down less than 20% of the home’s purchase price. [Back to top] After you apply Upon completing Your 27 Second Application, Your Mortgage Expert Team will promptly send you a list of additional items (i.e. bank statements) to compile as well as the proper state mortgage disclosures for your signature. Typically, the list and disclosures are sent via email. Once you have compiled the items and signed the disclosures, you will return the information to your Mortgage Expert Team at no cost to you.
