Tuesday, July 17, 2007

Six Reasons To Avoid Private Mortgage Insurance!

If you're thinking of buying a home, remember you're going to need to save up enough money for a 20% down payment. If you can't, it's a safe bet that your lender will force you to secure private mortgage insurance (PMI) prior to signing off on the loan. The purpose of the insurance is to protect the mortgage company if you default on the note. Some lender they over come (PMI) by offering two loans (80% and 20%).
(Source: Forbes.com) Full Story . . .

1 comment:

How Much Is PMI In California said...

Yes I understand it works this way. It really protects the lenders. How much does PMI get wit this?