What’s PMI?

Real Estate Vocabulary
Written By Linda Turcotte

Have you heard folks talk about PMI? They’re referencing Private Mortgage Insurance.

Private Mortgage Insurance (PMI) is an insurance premium that they buyer pays to the lender in order to protect the lender from default on a mortgage. These insurance payments typically end once the buyer build up 20% equity in their home.

Did you know your mortgage doesn’t necessarily have to include PMI? Yup, it’s true there are several options you have when purchasing & refinancing to nix the additional PMI payment on your monthly payments—ask me how!

Let’s connect! Message me today for a FREE Comparative Market Analysis to see what your home may be worth.

Linda Turcotte
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