A Primer on Private Mortgage Insurance in the U.S.
Do one thing: Thinking of buying a home in the next few years? Set up a meeting with a lender to get an idea of how much you’ll need to save to qualify for a mortgage. As for additional costs over and above the primary mortgage.
Mortgage insurance – sometimes called Private Mortgage Insurance, or PMI for short — may not be what you think it is, or cover what you think it should. So if you are in the market to buy a new home – or maybe in the next few years – it’s good to know how this form of protection could potentially impact your ability to get a loan and how much your monthly loan payments may be.