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by Anonymous on February 3rd, 2004

Anonymous

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What does PMI pay to the mortgage lender if a borrower defaults on their mortgage?

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  • by postmuffin on April 13th, 2007

    postmuffin

    You generally must pay for PMI if you don't have a 20% downpayment on your home. PMI will pay the lender the 20% if you default. Then if they sell it, they can usually be assured that they won't take a loss. However, if you originally had to pay PMI and now you have more than 20% equity in your home, you may be able to stop paying it. Contact your lender to find out how. Sometimes they require you to get an appraisal of your home to prove the value.

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