How Does Private Mortgage Insurance (PMI) Work?

PMI companies write insurance policies to protect approximately the top 20% of the mortgage against default. This depends on the lender's and investor's requirements, the loan-to-value ratio, and the type of loan program involved. Should a default occur the lender will sell the property to liquidate the debt, and is reimbursed by the PMI company for any remaining amount up to the policy value.

*I agree to receive SMS Text Messages at the above phone number from Won Loan, LLC for marketing purposes for Won Loan, LLC. Message and data rates may apply. No more than 4 marketing messages per month. Text HELP for help. Text STOP to cancel. See Privacy Policy and Terms and Conditions