What is the Purpose of PMI? – North Florida Mortgage

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How much is PMI? Mortgage insurance rates for PMI vary according to a number of factors, primarily your credit score and the amount of your down payment. For most borrowers, mortgage insurance premiums will be an annual fee 0.35-0.9 percent of your loan amount, billed as part of your mortgage payments in equally monthly amounts.

Private mortgage insurance (PMI) is required when a conventional home loan is used to purchase or refinance a house; and, the borrower makes a down payment of less than twenty percent, or has less.

Doesn’t PMI cover the cost when you default on your mortgage? Asked by Dee, Florida Thu Apr 29, 2010. I live in NY and bought a condo in FL to relocate with my family. After I lost my second job, taxes doubled, I could no longer keep up the payments.

 · Private mortgage insurance, or PMI, is used to protect conventional loans. When people talk about mortgage insurance, they are often referring to PMI. Here are the other types of PMI you should be familiar with: Borrow-Paid Mortgage Insurance. One of the most common private mortgage insurance policies is borrower-paid mortgage insurance (BPMI).

Private mortgage insurance protects mortgage lenders from losses if you default on your loan and your home goes into foreclosure. Essentially, mortgage PMI covers the lending institution for any shortages between the cost of liquidating a home and the amount borrowed with little or no down payment or ‘skin in the game’.

When Are Prepayment Penalties Allowed in New Mortgages? Federal law prohibits some mortgages from having prepayment penalties, which are charges for paying off the loan early. For many new mortgages, the lender cannot charge a prepayment penalty – a charge for paying off your mortgage.

One of the most popular questions from homeowners is how to drop private mortgage insurance (PMI). For some homeowners, refinancing is the best way to drop PMI, because they can also lower their interest rate and save a great deal of money. But for other homeowners, it makes more sense to pursue other options to drop PMI.

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