Mortgage insurance is the insurance against the borrower’s inability to make payments to settle the mortgage. The insurance is to protect the lender against the risk of the borrower’s default. Normally when you apply for a home mortgage and if the down payment is less than 20%, you will have to get private mortgage insurance. The PMI can be canceled once the loan to value ratio is 80% or less.
If you are buying a house with a Federal Housing Administration-backed mortgage, you will have to pay a qualified mortgage insurance premium. There is no rule of 20% loan to value ratio because it is mandatory for everyone.
Ken paid the following amounts for interest during 2016:
Robin purchases a new home costing $80,000 in 2016
How does mortgage insurance protect a lender?
Belinda Johnson’s parents and maternal grandmother have combined their finances and presented
When should you request that private mortgage insurance be canceled if such
When Jacqueline and Keith Sommers were “house hunting” five years
Mortgage Insurance. Justin’s new FHA mortgage is for $131,
