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What is the Purpose of PMI? – North Florida Mortgage

When a homebuyer makes a down payment of less than 20 percent, the lender requires the borrower to buy private mortgage insurance, or PMI. This protects the lender from losing money if the borrower ends up in foreclosure. private mortgage insurance also is required if a borrower refinances the mortgage with less than 20 percent equity.

A mortgage lender is always looking for ways to make sure the amount of risk that they incur is reduced to a minimum when a borrower applies for a mortgage loan. One way to do this is to offer Private Mortgage Insurance, (PMI), which is basically, insurance, designed to protect lenders in case a borrower defaults.

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Private mortgage insurance is tacked on to a conventional loan when less than 20% down payment is paid. There are a few options when looking to avoid paying private mortgage insurance on your conventional loan. private mortgage insurance is tacked on to a conventional loan when less than 20%.

Also taken into account was the volume of mortgage loans originated in those counties last year, she said. Florida’s Down Payment Assistance Program began in July, joining similar programs in Illinois.

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