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Answers (5)
- Ice L.
- Contributions:11285
- Yanni Raz, "yanniraz1"
- Contributions:75
Mortgage Insurance.
When you borrow more then 80% of the value of the property the bank will charge you a monthly fee of couple of hundereds normally.
This is the PMI, Mortgage insurance.
When you borrow more then 80% of the value of the property the bank will charge you a monthly fee of couple of hundereds normally.
This is the PMI, Mortgage insurance.
- BMFPitt
- Contributions:1207
Insurance that pays your bank when you default on your loan to make up for the difference between what you owe and what they can sell the house for.
Banks make you get it if you put less than 20% down because at 20% they (theoretically) shouldn't lose much/any money even if you default (unless you bought in NV, FL or CA in the last 5 years.)
Banks make you get it if you put less than 20% down because at 20% they (theoretically) shouldn't lose much/any money even if you default (unless you bought in NV, FL or CA in the last 5 years.)
- CulverCityRealtor
- Contributions:458
PMI stands for Private Mortgage Insurance.
what exactly is PMI?
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