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Private Mortgage

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Private Mortgage Insurance (PMI)

Be aware that PMI is intended to protect the lender, not the borrower, against potential losses.

There are four main types of mortgage insurance you can purchase: borrower-paid mortgage insurance, single-premium mortgage insurance, lender-paid mortgage insurance, and split-premium mortgage insurance.
First, you should understand how PMI works. For example, suppose you put down 10% and get a loan for the remaining 90% of the property’s value—$20,000 down and a $180,000 loan.

Borrower-Paid Mortgage Insurance

The most common type of PMI is borrower-paid mortgage insurance (BPMI). BPMI comes in the form of an additional monthly fee that you pay with your mortgage payment.

Single-Premium Mortgage Insurance

The benefit of SPMI is that your monthly payment will be lower compared to BPMI. That can help you qualify to borrow more to buy your home. Another advantage is that you don't have to worry about refinancing to get out of PMI.

Lender-Paid Mortgage Insurance

With lender-paid mortgage insurance (LPMI), your lender will technically pay the mortgage insurance premium. In fact, you will actually pay for it over the life of the loan in the form of a slightly higher interest rate.

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