What is the Purpose of PMI? – North Florida Mortgage

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– North Florida Mortgage – So what is the purpose of PMI? PMI is an acronym for private mortgage insurance. pmi is an acronym for private mortgage insurance. If your down payment is less than 20%, lenders will typically require you to get private mortgage insurance.

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The program is also available in Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. Citizens Bank has a Community Lending mortgage program that can require.

What do you need to know about private mortgage insurance? If you purchase a home with less than 20% down, you’ll likely be paying for PMI on your monthly bill. Today I’m joined by Pat Park to.

Private mortgage insurance, often referred to simply as PMI, protects the lender. The biggest function of homeowner's insurance is as a financial protection for. She is a graduate of the University of North Florida and has worked as a writer.

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Private mortgage insurance is coverage required by traditional lenders when the borrower has a down payment smaller than 20 percent of the value of the home. Although the term sounds very similar to private mortgage notes, private mortgage insurance is not a type of coverage exclusively for private mortgage notes.

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