P.M.I. - Private Mortgage Insurance. For years it’s had a bad name. But what exactly is it? And maybe more importantly “why” is it? First of all it’s insurance. It protects the lender - not the home or the homeowner. When a borrower buys a home they will have a certain amount of equity depending on how much they put down in relation to the purchase price. If that equity is less than 20%, that’s where PMI comes in. Let’s look at it from the Lender side first. For a lender it’s all about
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PMI, Have the rules changed?
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