PRIVATE MORTGAGE INSURANCE
What is Private Mortgage Insurance (PMI)
When a homebuyer makes a down payment of less than 20 percent, the lender requires the borrower to buy private mortgage insurance, or PMI. This protects the lender from losing money if the borrower ends up in foreclosure. PMI also is required if a borrower refinances the mortgage with less than 20 percent equity.
How Much is PMI?
PMI fees vary from around 0.3 percent to about 1.5 percent of the original loan amount per year, depending on the size of the down payment and the borrower’s credit score. Mortgage insurance paid in 2017 is tax-deductible, but it remains to be seen whether Congress will renew the deduction for 2018. The Trump administration is overhauling the tax code.
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