Private Mortgage Insurance

The speaker discusses PMI, or private mortgage insurance.  PMI is charged to borrowers who finance more than 80% of their homes value on their first mortgage.  PMI will insure the lender against your default and only has to be paid up until the point that the borrowers LTV is greater than 80%.  Many borrowers who do not have 20% down will create a piggyback loan which is structured as 80 - 10 - 10 to avoid this.  This refers to 80% on the first loan, 10% on the second loan, and 10% down.
Tim Ord
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