In this video, we will be discussing what PMI is and how it works. PMI, or private mortgage insurance, is a type of insurance that helps protect lenders in the event that a borrower defaults on their mortgage loan. it is typically required by lenders if you do not put 20 percent or more of the home's purchase price down.
The amount a borrower pays for PMI varies depending on the size of their loan, the length of time that they have the mortgage, and how risky their defaulting would be. You can typically choose between two types - single premium or monthly premium insurance. The first is typically paid upfront as part of closing costs, while the second type is added to your monthly mortgage payments.
If you're looking to buy a home and are wondering if you need to purchase PMI, make sure to watch this video! If you enjoy the video, show some love!
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*DISCLAIMER* The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.
