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What Is Pmi When Buying A House. However, pmi does offer some benefits to you as the borrower. Private mortgage insurance, also called pmi, is a type of mortgage insurance you might be required to pay for if you have a conventional loan.
Top Tips for FirstTime Home Buyers First Ohio Home Finance from firstohiohome.com
Like other kinds of mortgage insurance, pmi protects the lender—not you—if you stop making payments on your loan. Fail to come up with that 20%, and pmi enters the discussion. “private mortgage insurance—or pmi—is an insurance policy used in conventional loans,” said ross.
Top Tips for FirstTime Home Buyers First Ohio Home Finance
If you fail to pay, the insurance provider pays the lender. Private mortgage insurance, also called pmi, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Fail to come up with that 20%, and pmi enters the discussion. The purpose of private mortgage insurance (pmi) is to protect the lender in case you, the borrower, default on your monthly house payments.
