One of the biggest loans that most people in the United States take on during their lifetime is a mortgage for their house. Our system generally calls for a down payment of some type followed by a loan to cover the remainder of the house cost. Private mortgage insurance is usually required by the lender when the buyer puts down less than 20% of the sale price of the home he or she may wish to buy.

This insurance protects the (more…)

If you are considering buying a new home, then you may already know that there are many requirements that potential home buyers must meet. One such requirement is private mortgage insurance.

Private mortgage insurance, or PMI as it is commonly called, is a form of insurance that is designed to provide protection for the lender against non-payment, should the borrower default on a mortgage loan. The primary benefactor of mortgage (more…)

If you’re planning on buying a home, and are like most Canadians, you probably will fall shy of the 20% down payment to obtain a conventional loan. Therefore, you’ll need private mortgage insurance (PMI). Now, some of you may look at “private mortgage insurance” and think that’s a good thing, but it’s not; at least, not for you. Why? Well, when you hear the word “insurance,” you probably think of something that you pay for and that pro (more…)