Keyword Analysis & Research: pmi company

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Frequently Asked Questions

Is PMI the same thing as homeowners insurance?

PMI is not the same as homeowner’s insurance, which only protects the homeowner’s property for specific damages. PMI only protects the lender, not the homeowner. MIP (Mortgage Insurance Premium) is a similar insurance program to PMI, but is obtained through the US government.

Can a borrower choose the PMI company?

Private mortgage insurance (PMI) protects the lender in case the borrower defaults on their mortgage loan. Lenders generally require PMI when your down payment on a home is less than 20% of the home's total value. Since PMI coverage is insurance for the lender, not the homeowner, you can't choose the PMI company.

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