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Private Mortgage Insurance (PMI)
Private Mortgage Insurance can help you to secure a loan when faced
with previous credit problems, lack of a sufficient down payment or
a seemingly poor Debt-to-Income ratio. If a lender feels apprehensive
about extending you credit, for what ever reason, PMI can be the way
to getting their approval and your home.
How to Get Rid of PMI
Borrowers are now protected by an act of Congress that states that
you must be notified by lenders, who have PMI in force, of when you
have sufficient equity in your home and when the policies are no longer
needed and can be eliminated. Know your rights and how to get out
from under PMI payments, use the funds to pay-down the principal amount
of the loan or just plan save.
Do You Have Enough Private Mortgage Insurance?
Private Mortage Insurance protects both the lender and the loan investors, in the event that the borrowor cannot make their loan payments. It is important that you insurance your mortgage for the correct amount. Having PMI as part of your mortgage loan also comes with several distinct advantages such as the ability to make a lower down payment, possibly even as low as three to five percent of the mortgage loan.