Private Mortgage Insurance
When you first buy a home, it can be very frustrating and complicated but it can also be extremely exciting. There is no feeling like being able to call a home your own and have the freedom to decorate it and change it any way you want.
Do you want old wrecked cars on your lawn? Go for it. Finally build a duck pond of your own? Sure, it’s YOUR house and you can do what you want.
Unfortunately, life happens and sometimes you won’t quite be able to make your loan payments all the time. This is where private mortgage insurance comes in.
When you first buy your home, most lenders expect you to pay a large down payment of at least 20 percent or get some kind of insurance loan protection program that’s called private mortgage insurance.
This insurance coverage will protect the lender just in case you are ever unable to make your monthly payments. This insurance doesn’t cover anything else though.
If your home catches fire or something, you better hope you have some other types of insurance. This is only to cover you if you fail to make your payments.
Even if you don’t need it, it doesn’t hurt to get private mortgage insurance just in case. No job is 100 percent reliable and if you have to relocate or change jobs, you won’t have to worry about your house payment if you happen to go a week or two without pay. It’s better to be safe than sorry.
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