If you’re in the market for virginia homes during the Charlotte, NC, and also have started conversing with lenders, you We. PMI represents private mortgage insurance. This is an extra payment, on top of your dominating and you may appeal, escrow, and you may taxation, that you may possibly have to pay monthly.

It is a made designed to cover the financial institution of home loan, maybe not your given that a homeowner

PMI is used which have traditional money in fact it is a form of insurance rates one to protects the financial institution in case a borrower non-payments into the the mortgage.