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Private Mortgage Insurance (PMI) is something most mortgage loan programs require unless the borrower has more than 20% equity in a property, and it can cost home owners thousands of dollars per year. PMI insures the lender against default by the borrower, and it generally costs 1/2 – 1% of the loan amount per year. Read More

Private Mortgage Insurance (PMI) is something most mortgage loan programs require unless the borrower has more than 20% equity of in the property. PMI insures the lender against default by the borrower and it generally costs 1/2 – 1% of the loan amount per year. This is incorporated into the monthly mortgage payments. Essentially, the Read More