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Old 12-09-2008, 08:24 AM
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Default what is Mortgage Insurance Premium???
what is Mortgage Insurance Premium???
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Old 12-09-2008, 09:46 AM
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Most lenders require Private Mortgage Insurance (PMI) if the buyer puts less than 20% of the sale price as a down payment. This is paid in premiums which are added to the monthly mortgage payment. The insurance protects the lender, not the borrower, in case of default. It's like the lender is taking out insurance just in case their borrower doesn't pay the mortgage.
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