pmi

PMI is a commonly used abbreviation used when referring to Private Mortgage Insurance. Also known as Lenders Mortgage Insurance (or LMI), PMI is a form of insurance designed to offset losses when a lending agent is unable to recoup losses from a loan to a mortgagor, often in the case of foreclosure or sale of the property in question. Under PMI, the lending agent is able to recover any losses incurred in the case of someone unable to pay back the original loan.

The lender or trustee of the loan is thus paid by the PMI agent, and everybody goes home as happy as little schoolgirls leaving their first Justin Bieber concert. PMI insurance rates vary based on factors such as home value and the term of the loan, but will generally fall into the range of about $55. per month per every $100,000 being financed.

Best of all, as of 2007 PMI has become tax deductible in the USA. Although PMI isn't necessarily for everybody, it can be ideal for a potential buyer who might otherwise be unable to afford a hefty twenty percent down payment on a new home. Through PMI, these larger down payments can be significantly reduced, and potential lenders might also see you as less of a risk, (since the insurance you just bought covers the lender's losses, rather than your own). Some lenders now require PMI as a pre-condition of granting home loans.

Bloggers speaking about PMI can be found at sites like The Money Alert and PrivateMI.com.

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