Get All the Facts about PMI. I don;t think we have touched on this subject in forever. Bottom line on PMI, sometimes you have to have it - and sometimes you don't. So what's it all about? PMI is Private Mortgage Insurance. It is insurance coverage for your lender, not you! In previous articles we mention that you do not need 20% down to get a house. In fact, waiting until you do have 20% could hurt you more than help you as the market changes and prices go up - and possibly even higher interest rates. So, you go in with less than 20% down, your lender qualifies you based on the necessary criteria and then PMI is added to your monthly payment in order to cover the lender just in case something goes wrong. Are you stuck with PMI forever - NO. It is an extra cost that can be made to go away. Find out more in today's article. Then call and lets start looking for your new home