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About PMI - Mortgage Insurance

In addition to their Articles dealing generally with the nature of their services, the real estate professionals will discuss different specific "Topics" of interest to buyers and sellers from time to time.  These articles are indexed in the Articles Library for your review.

Author, Jay Westrick is Manager of the Residential Appraisal Department at O’Connor & Associates. He is a Texas State Certified real estate appraiser. (Lic. #Tx 1327601-R). You may contact the O’Connor & Associates Residential Appraisal Department at (713) 686-9955.

PMI (Premium Mortgage Insurance)

There are three hidden charges in almost every mortgage payment: (1) homeowners insurance, (2) taxes, and (3) PMI. All three of these hidden charges increase the cost of owning your home.

PMI is a mortgage term commonly used but little understood. PMI is an acronym for Premium Mortgage Insurance. PMI is insurance, similar to your car, home or life insurance. But who does the insurance pay, and when? PMI insurance will pay the mortgage company when the borrower stops paying or does not pay the mortgage. PMI is required for people who loan more than 80% loan to value ratio. Banks and major underwriters of mortgages have determined that when people loan more than 80% of the value of the home they are a higher risk of defaulting on the loan. PMI is a way of pooling the risk to lower the individual exposure to default. The cost of PMI varies with the risk group the individual loan is in and the amount. Usually PMI is $40.00 - $150.00 a month of your mortgage payment.

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