Private mortgage insurance explained

If you want to be a homeowner, you’ll need a mortgage, you’ll need insurance, and you may even need mortgage insurance – often called PMI, or “private mortgage insurance.” If you need it, you’ll be responsible for paying for it, despite the fact that this type of insurance isn’t in place to protect you; it exists to safeguard your lender.

Learn more about how PMI works by reading my latest CTW Features real estate article here.