Posted on: 12th Jul, 2013 12:29 am
What are the different types of loan on which one has to pay PMI?
When you are unable to pay the required down payment for your loan, you will have to opt for PMI (private mortgage insurance). It has nothing to do with types of loans.
Welcome Surty,
The concept of private mortgage insurance is mainly applicable in case of conventional loans. In case of conventional loans, the borrowers have to give a down payment of 20%. If they cannot provide that, then they will have to go for a private mortgage insurance or PMI.
The concept of private mortgage insurance is mainly applicable in case of conventional loans. In case of conventional loans, the borrowers have to give a down payment of 20%. If they cannot provide that, then they will have to go for a private mortgage insurance or PMI.