Category Archives: pmi

New Mortgage Insurance Cuts Costs

From the Daily Herald.com: Investors in mortgages face two kinds of risk from borrowers who default. On loans with small down payments on which the collateral risk is the highest, private mortgage insurance is available to protect investors. Investors also … Continue reading

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New Law Requires Lenders To Cancel PMI

From the Federal Reserve Bank of San Francisco: What Is PMI? PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with … Continue reading

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Do You Need Private Mortgage Insurance?

Here’s a perspective from Canada: Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions … Continue reading

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Who Makes The Rules?

Julie Garton-Good writes in her 2008 book "All About Mortgages": "A lender who wants to sell loans into the secondary mortgage market has one set of rules. If those borrowers require PMI, there’s another set of rules. In addition, local … Continue reading

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