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Doesn’t PMI cover the cost when you default on your mortgage? Asked by Dee, Florida Thu Apr 29, 2010. I live in NY and bought a condo in FL to relocate with my family. After I lost my second job, taxes doubled, I could no longer keep up the payments.
So what is the purpose of PMI? PMI is an acronym for private mortgage insurance. If your down payment is less than 20%, lenders will typically require you to get private mortgage insurance. This is insurance that protects your lender if you default on your loan. In simple terms, the purpose of PMI is all about protecting your lender from risk.
· When borrowers finance a home with a conventional home loan and less than a 20% down payment, they pay for private mortgage insurance (pmi) until they have at least 20% equity in the property. PMI payments are affordable, especially in light of the fact that borrowers are financing a home with a low down payment.
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Private mortgage insurance is coverage required by traditional lenders when the borrower has a down payment smaller than 20 percent of the value of the home. Although the term sounds very similar to private mortgage notes, private mortgage insurance is not a type of coverage exclusively for private mortgage notes.
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