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October 21, 2011
How to Calculate PMI
PMI (private mortgage insurance) is one of the many products of insurance companies for mortgage lenders. It is designed to protect them from borrowers who will default in their payments. The law requires that when the down payment on a home is less than 20% of the value of the home, the borrower takes out a Private Mortgage Insurance.When you want to calculate your exact PMI balance, you will need your principal balance, the PMI rate, the recent home appraisal and the amortization schedule. The appraisal of your home will give you the current market value of your property. You will need to
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FHA loans require borrowers with less than 20 percent equity in their homes to pay private mortgage insurance (PMI) premiums. mortgage experts & home loans details*
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