Que Es PMI (Private Mortgage Insurance)?
El PMI (Seguro Hipotecario Privado) es una póliza de seguro que protege al prestamista — no a ti — si dejas de pagar un préstamo convencional con menos del 20% de enganche. Se agrega a tu pago mensual y típicamente cuesta entre 0.3% y 1.5% del monto del préstamo por año.
Datos Clave
- PMI is only required on conventional loans with less than 20% down.
- You can request PMI removal once your loan-to-value reaches 80%.
- PMI automatically drops off at 78% LTV by federal law.
- FHA loans have a similar cost called MIP, which works differently.
- PMI costs depend on your credit score, down payment, and loan amount.
Ejemplo Practico
You put 10% down on a $600,000 home (borrowing $540,000). PMI at 0.5% adds about $225/month to your payment. Once your balance drops to $480,000 (80% of home value), you can request to have it removed.
Por Que Importa
PMI lets you buy a home sooner with less money down, but it increases your monthly cost. Understanding when and how to remove it saves you money. For many buyers, the trade-off of paying PMI to get into a home earlier is worth it.