| Name:
Danielle Frobisher
Title of Question:
What is Private Mortgage Insurance (PMI)? |
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Question: I keep hearing about PMI especially if you don't pay a lot of money on your downpayment. What exactly is it? |
Post Your Answer To The Question Above:
Name:
Erin Tan
| Date: October 4, 2004, 2:01 pm
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| Answer:
Private Mortgage Insurance is mandatory if your downpayment is low (less than 20% of house sale). This protects the mortgage lender from any problems, should you not be able to keep up with payments. |
| Name:
Fred
| Date: October 4, 2004, 2:04 pm
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| Answer:
Yep...PMI is essentially extra payment you have to the mortgage lender, since your downpayment wasn't big enough. Another way they screw you! |
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