For those of you who have not read my bio… I’m second generation mortgage. My Dad was in this business – and my FIRST JOB? Was working for a PMI company at the age of 15, helping them MANUALLY prepare a MBS sale. That could be why I refer to ALL different types of Mortgage Insurance – as PMI.
If you put less than twenty percent down on a mortgage, you are going to pay some sort of Mortgage Insurance. This is not the kind of insurance that promises to pay your home loan off if you die or become disabled – this is the kind of Mortgage Insurance that pays the BANK if you don’t make your payments.
MOST of us refer to this as PMI.
FHA Mortgage “PMI” Rates for 2012 [Read more...]