Friday, April 20, 2012

PMI Insurance

I've always wondered exactly what PMI Insurance is when you buy a house and are required to pay it so I'm sure that I'm not the only one. Well, I finally found out tonight - explained simply.

PMI Insurance is actually foreclosure insurance that your mortgage company gets and you pay for so that they are covered and don't lose money if you can't pay your monthly payments and end-up in foreclosure.

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