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What is PMI, What is Private Mortgage Insurance?

Thank you Lydia Vanderveen Sr. Account Manager at United Guaranty for explaining the benefit of Private Mortgage Insurance and why it is vitally important for first time home buyers. There are over 18 factors that go into determining your PMI rate.  Although Credit score is one of the largest determining factors. [hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • October 19 2013 - US
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Answers (2)

Profile picture for John Reeves1
A policy provided by private mortgage insurers to protect lenders against loss if a borrower defaults. Most lenders require PMI for loans with loan-to-value (LTV) percentages in excess of 80%. This allows the borrower to make a smaller down payment of as low as 3%, instead of about 20%, and usually requires an initial premium payment and possibly an additional monthly fee depending on the loan's structure.
  • October 21 2013
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Dave,   Starting a credit report business out your car is well, I don't know, not the most impressive thing I have ever heard  ...coupled with the "sold credit reports" lingo seems to presents a visual of you driving up to the back door of Ameriquest,  with a trunk load of paper...
Consider doing a couple more revisions of your marketing video. It could be a little tighter and your tie is crooked.
  • October 21 2013
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