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While it is an extra monthly expense for the borrower, its primary purpose is to —not the homeowner—in the event that the borrower defaults on their loan payments. Despite being an added cost, PMI serves as a vital tool that allows millions of people to enter the housing market years sooner than they would if they had to save a full 20% down payment. How Much Does PMI Cost?
Borrowers with higher scores (740+) generally receive the lowest rates. what is pmi when buying a home
Most borrowers pay between 0.22% and 2.25% of the original loan amount per year. While it is an extra monthly expense for
