Private mortgage insurance (pmi) is used when a borrower has less than 20% down or home equity in their property. PMI insures the lender in the event of a borrower defaulting on a mortgage–it does not provide insurance to the home owner.
Helping Washington State homeowners learn more about their mortgage options.
About the Author
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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