And for how long??/
Answers: Private mortgage insurance, covers THE BANK, if they have to foreclose on your house, and finish up selling your house at auction after foreclosure, for less than the match on your loan.
Then they STILL can sue you for the difference! And you'll still owe it!
You have it until you hold 20% equity in your home.
It's something YOU buy, but you'll NEVER benefit from it. Except human being able to hold a mortgage.
It covers the lender in the event that the borrower default. It does nothing for the borrower. Lenders normally require it on no-down or low-down loans.
Answers: Private mortgage insurance, covers THE BANK, if they have to foreclose on your house, and finish up selling your house at auction after foreclosure, for less than the match on your loan.
Then they STILL can sue you for the difference! And you'll still owe it!
You have it until you hold 20% equity in your home.
It's something YOU buy, but you'll NEVER benefit from it. Except human being able to hold a mortgage.
It covers the lender in the event that the borrower default. It does nothing for the borrower. Lenders normally require it on no-down or low-down loans.