In such uncertain times, home buyers are facing the challenging choice of investing money at a less than optimal time. With foreclosure numbers looking like they are not going to be declining in the near future and a real estate market already congested with short sales, it is easy to understand why. Learning the technical differences between the two may be the best thing any buyer can do.
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Of all of the necessary contractions in the English language, none may have the importance of PMI to real estate investors and owners. The contraction PMI stands for Primary Mortgage Insurance and it actually ensures the bank, not you, in case you do not pay for your home loan. It would make sense if you had to pay for insurance that helped you when you could not pay for your home loan, but in this case the bank gets the protection.