"Lending without stress...."

What is PMI ?

 

PMI is referred to as a Private Mortgage Insurance, e.g. If you make a down payment of less than 20% of the purchase price of the home, mortgage lenders generally require that you take out Private Mortgage Insurance (PMI) that protects the lender incase you default on your mortgage. You may need to pay up to a year’s worth of premium for this coverage at closing, which can amount to as much as several hundred dollars. 

One obvious way to avoid this extra cost is to make a 20% down payment. There are also other ways to eliminate PMI such as 80-10-10 financing which is further described in this section.

Legal | Privacy Policy

Website Design by Network Resources Solutions & Denny Productions. 2005  tel:301 675 0666.