Primary Mortgage Insurance (PMI)

Primary Mortgage Insurance (PMI) is an added insurance policy for homebuyers who make down payments on their homes that are less than 20%. The monthly PMI fee you pay protects the lender if you are unable to pay your mortgage. How It Works If you make a down payment of less than 20%, PMI will be part of your monthly mortgage payment. The cost of PMI varies based on the amount you owe on your mortgage compared to its value and your credit score. You can expect to pay between $200-$300 per… Read More