Articles About Finance And Refinancing

Website Exposes Dirty Little Secret of Private Mortgage Insurance (PMI)

Palm Coast, FL (PRWEB) November 1, 2007 -- Go.Toby.com (http://www.GoToby.com), the popular real estate news and information website for Palm Coast, Flagler County, and Northeast Florida posts an article revealing the workings of the Private Mortgage Insurance (PMI) industry (full article) (http://www.gotoby.com/news.php?id=243). While PMI does allow a borrower to purchase a home with less than 20% down, it exists almost entirely for the benefit of the lender. "What you don't know about PMI can hurt you," says Toby Tobin, Publisher.

"PMI occurs behind closed doors, where the borrower can't see what's going on," says Tobin. Borrowers are disclosed only the premium amount, for which they are responsible. They have no knowledge or say in what type and amount of Mortgage Insurance is purchased or from whom. Neither are they privy to alternative premium or coverage options. The policy and insurer are selected by the lender, solely for their own benefit. In fact, the type and amount of insurance payable to the lender can potentially work against the borrower should they need a loan work-out or short sale alternative when facing a foreclosure.

Meanwhile, the borrower foots the bill for the PMI policy. Lenders also place restrictions on the ability of the borrower to cancel their policy when the loan amount is reduced to 80% of the sale amount. "In a time when practically every eventuality of a real estate transaction has to be disclosed, the lender's lobby has done a great job of keeping this under wraps," says Tobin.

About GoToby.com LLC:

GoToby.com (http://www.gotoby.com) is the popular on-line news source for Palm Coast and Flagler County Florida's residential and commercial real estate markets, offering news, commentary, newsletters, articles, property listings, recent sales, and interesting rumors.

Contact:

Don "Toby" Tobin, Publisher

GoToby.com LLC

(386) 931-7124

www.GoToby.com

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