What You Need to Know About Private Mortgage Insurance (PMI) – Jessica Couch

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Private mortgage insurance is a great choice if you plan on making a smaller down payment. But the potential downsides of PMI tacking on an additional cost to your already pricey mortgage endeavor could prove to be rather disheartening. Even if you do need PMI, don’t worry – it doesn’t last forever.

Rising home values mean you can potentially eliminate costly monthly mortgage insurance. Refinance into a conventional loan with no monthly PMI payment. Potentially save hundreds of dollars each month.

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Brief tutorial on how to calculate PMI, or Private Mortgage Insurance on an FHA loan.

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.

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FHA’s mortgage insurance premium (known in the industry as "MI" versus "PMI" for private sector private mortgage insurance. Kanye West and Justin Bieber Shows and movies you’ll want to stream soon.

Generally speaking, private mortgage insurance is designed to protect the lender in case you stop making payments on your home, but PMI can be beneficial to homeowners because it can allow you to get qualified for a loan that you would otherwise not be able to afford without a 20 percent down payment. It can also help you qualify for a loan at a lower interest rate than if you were to get a conventional loan with a low down payment and no PMI (those usually have higher interest rates).