What is private mortgage insurance?
Private mortgage insurance is a financial guarantee that protects the lender in the event a borrower defaults on a mortgage. To purchase a home without mortgage insurance, borrowers generally need enough money to make a down payment that’s at least 20% of the price of the home. To put 20% down on a $200,000 home, a borrower would need to come up with $40,000! This is quite a hefty down payment.
With private mortgage insurance, you’ll reduce or eliminate the need for accumulating a down payment, which will allow you to purchase that $200,000 home sooner!
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