You Can Never Have TMI about PMI
By Gwenn Tanvas, The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
(NEXA Mortgage LLC an Equal Housing Lender NMLS # 1660690)
You Can Never Have TMI about PMIWhen it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a down payment below 20%, you can never have Too Much Information (TMI) about Private Mortgage Insurance (PMI).What is Private Mortgage Insurance (PMI)?Freddie Mac defines PMI as: “An insurance policy that protects the lender if you are unable to pay your mortgage. It's a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%. Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.” As the b...