What is a PMI? I have heard the word used talking about loans and mortgages.

Hi, adam_89!

Unless there's anything else concerning those types of financial things that those letters stand for, I think that the most common things they stand for are Private Mortgage Insurance.

Thanks!

Oh, OK. Thanks a lot. I was unsure. I am buying a house and I was told that with the loan I am getting there is no PMI and that was a really good thing. So, I was just checking.

If in the U.S. you're still going to need to have mortgage insurance on the home though if you are paying on a loan to purchase a home.

I haven't paid completely for my home. I have to pay for insurance separately for it as it's not included in the mortgage payments.

If you have a loan for buying a home and don't have mortgage insurance for it, then the entity that has given you the loan will get their own insurance and charge you for it. It's usually much more expensive than that which you can get yourself.

Thanks!

Sorry, Clough, but it sounds like you're mixing up mortgage insurance with homeowners insurance. Mortgage insurance is required by the lender when the buyer is financing more than 80 or 85% of the value of the property. Homeowners insurance is required by all lenders regardless of the amount of the loan. (And the buyer should get it anyway, even if there was no loan at all.)

I think that you're correct, Lisa! I just looked on some other sites about this.

PMI may or may not be required.

I looked at some sites on the following search.

Need to Have Private Mortgage Insurance - Google Search

But, thank you for correcting me!

Sorry!

Yes, I am required to get homeowners insurance. I recently found insurance at a good rate. Well, at least the best I can get around here. I am having it, along with my taxes escrowed. Much easier in my opinion!

Thanks!

The 25 word or less answer to the PMI question... "The premium on an insurance policy for the benefit the lender on loans over 80% of a home's value."

If you are looking for Agile training of PMI Agile exams, you can find them here.
They have both online Agile, and offline classes in virtual, blended modes.

I have taken the online training for PMI Agile with Starpmo.com and I am happy.

http://starpmo.com/pmi-agile/agile-exams.php

Hope this is helpful.
Regards,