Curious about what Private Mortgage Insurance is? Not familiar with the term? The below article reveals all you need to know about PMI, and how it can protect you and your lender.

A new home usually comes with a mortgage these days. After all, not too many people can pony up a few hundred-thousand dollars up front and move right into a new house. But, with a home loan, most new home buyers can supply a down payment and meet a schedule of monthly payments until the end of the loan with little, or no, trouble. It's simply a matter of staying within the limits of one's budget when buying a home and staying on track to meet the obligations of the home loan. Since lenders don't want to end up losing money because a new homeowner defaulted on their loan, there are certain protections available to both the borrower and lender.

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