Asked in InsuranceMortgage InsuranceLoansMortgagesMoney Management
What is a mortgage insurance premium?
November 08, 2014 8:41AM
The amount you pay (generally monthly in your house payment) for the morgage insurance policy. Most lenders require you to carry mortgage ins or PMI if you finance more than 80% of the value of the home, or for other credit risk reasons. As a side note I have successfully had the mortgage ins dropped after my principle was lower than the 80% on two different mortgages.