 |
What is a private mortgage insurance? |
[Edit] |
Answer
this is often called PMI..... and costs anywhere from 10.00-70.00 a month on your house payment, and is REQUIRED (where i am in MO, and most or all states i'm aware of) on all mortgages unless and untill the mortgage is less than 80% of the appraised value of the home...... i have successfully had PMI removed from mortgages once that has happened (owe 80% or less of the homes value)........just contacted the mortgagee and discussed and had it removed......it in effect is a policy that pays the bank should you default........(they would still come after you to pay this back.....the insurance company just covers the bank....the insurance company would then come back to you to repay it--- no free lunch)
First answer by Mama lori. Last edit by Mama lori. Contributor trust: 328 [recommend contributor]. Question popularity: 22 [recommend question]
|
Also see on Answers.com Research your answer: |
Answers.com > Wiki Answers > Categories > Business and Finance > Insurance > Mortgage Insurance > What is a private mortgage insurance?
Our contributors said this page should be displayed for the questions below. (Where do these come from ) |
| If any of these are not a genuine rephrasing of the question, please help out and edit these alternates. |
