Private Mortgage Insurance, Explained.

Private mortgage insurance (PMI) comes in many forms.

Some prefer the borrower to pay monthly, sometimes the borrower can pay it all up front, sometime the lender will purchase the PMI, or if you get creative, you can split the PMI – where some is paid up front and some is paid overtime as monthly.

The cost also varies based on many factors, with the two most important being LTV and FICO.