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There are several types of mortgage insurance. The one that everybody complains about is private mortgage insurance ().Homeowners with private mortgage insurance have to pay a hefty premium and the insurance doesn’t even cover them. Yes, private mortgage insurance offers zero protection for the borrower.
Private mortgage insurance, or PMI, is insurance that lenders require borrowers to have when they get a mortgage and don’t have enough equity in the home. For many buyers seeking a mortgage, avoiding the added expense of PMI means coming up with a 20% down payment when buying a home .
If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity. private mortgage insurance is expensive, and you can remove it after you have met some conditions.
Private mortgage insurance is expensive, and you can remove it after you have met some conditions. To remove PMI, or private mortgage insurance, you must have at least 20% equity in the home How to dump private mortgage insurance ASAP
Ask your lender if the loan you are considering requires private mortgage insurance or a mortgage insurance premium (MIP). How much PMI costs The cost of PMI depends on your credit score and down payment, but generally it ranges from 0.3 percent to 1.5 percent of the original loan amount each year.