St Louis Mortgage Rate Update; What is Private Mortage Insurance (PMI)?

Mortgage Insurance, also know as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value.

Private Mortgage Insurance (PMI) allows borrowers to purchase a property by qualifying for conventional financing with a lower down payment. Private Mortgage Insurance protects your lender against non-payment should you default on your loan. It’s important to understand that the primary and only real purpose for mortgage insurance is to protect your lender—not you. Continue reading “St Louis Mortgage Rate Update; What is Private Mortage Insurance (PMI)?