What is PMI (Private Mortgage Insurance) 

什麼是 PMI（私人抵押貸款保險） ? 

On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.

在傳統抵押貸款中，當您的首付低於房屋抵押貸款購買價格的 20% 時，貸款人通常會要求您購買私人抵押貸款保險 (PMI)，以防您拖欠抵押貸款。有時您可能需要在收盤時支付高達 1 年的 PMI 保費，這可能需要數百美元。避免這筆額外費用的最佳方法是支付 20% 的首付，或詢問其他貸款計劃選項。

How Does Private Mortgage Insurance (PMI) Work 私人抵押貸款保險 (PMI) 如何運作 ?

PMI companies write insurance policies to protect approximately the top 20% of the mortgage against default. This depends on the lender's and investor's requirements, the loan-to-value ratio, and the type of loan program involved. Should a default occur the lender will sell the property to liquidate the debt, and is reimbursed by the PMI company for any remaining amount up to the policy value.

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PMI 公司編寫保險單來保護大約前 20% 的抵押貸款免於違約。這取決於貸方和投資者的要求、貸款價值比以及所涉及的貸款計劃類型。如果發生違約，貸方將出售財產以清償債務，PMI 公司將償還不超過保單價值的任何剩餘金額。

Could Obtaining Private Mortgage Insurance (PMI) Help me qualify for a Larger Loan

能否獲得私人抵押貸款保險 (PMI) 幫助我有資格獲得更大的貸款 ?

Yes, it will help you obtain a larger loan, here’s why. Let's say that you are a family with $42,000 Annual Gross Income and monthly revolving debts of $800 for car payment and credit cards, and you have $10,000 for your down payment and closing costs on a 7%-interest mortgage. Without PMI the maximum price you can afford is $44,600, but with PMI covering the lender's risk you now can buy a $62,300 house. PMI has afforded you 39% more house.

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是的，它會幫助您獲得更大的貸款，原因如下。假設您是一個年收入為 42,000 美元的家庭，每月有 800 美元的汽車付款和信用卡循環債務，並且您有 10,000 美元的首付款和 7% 利率抵押貸款的交易費用。如果沒有 PMI，您可以負擔的最高價格是 44,600 美元，但是有了 PMI 覆蓋了貸方的風險，您現在可以購買 62,300 美元的房子。 PMI 為您提供了 39% 以上的房子。

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How much Does Private Mortgage Insurance (PMI) cost

私人抵押貸款保險 (PMI) 的費用是多少 ?

PMI costs vary from insurer to insurer, and from plan to plan. Example: A highly leveraged adjustable-rate mortgage requires the borrower to pay a higher premium to get coverage. Buyers with a 5% down payment can expect to pay a premium of approximately 0.78% times the annual loan amount, $92.67 monthly for a $150,000 purchase price. But, the PMI premium would drop to 0.52% times the annual amount, $58.50 monthly if a 10% down payment was made.

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PMI 成本因保險公司而異，因計劃而異。示例：高槓桿的可調利率抵押貸款要求借款人支付更高的保費才能獲得保險。首付為 5% 的買家可以預期支付大約 0.78% 乘以年貸款額的溢價，以 150,000 美元的購買價格每月支付 92.67 美元。但是，如果首付 10%，PMI 溢價將下降到年度金額的 0.52% 倍，即每月 58.50 美元。

How is Private Mortgage Insurance Paid

私人抵押貸款保險如何支付 ?

PMI fees can be paid in many ways depending on the company used

PMI 費用可以通過多種方式支付，具體取決於所使用的公司:

• Borrowers can choose to pay the 1-years premium at closing, and then an annual renewal premium is collected monthly as part of the house payment   借款人可以選擇在交割時支付 1 年期保費，然後每月收取年度續期保費作為房屋付款的一部分。

• Borrowers can choose to pay no premium at closing, but add on a slightly higher premium monthly to the principal, interest, tax, and insurance payment  借款人可以選擇在交割時不支付保費，但每月在本金、利息、稅金和保險費的基礎上加上略高的保費 .

• Borrowers who want to sidestep paying PMI at closing but don't want to increase their monthly house payment can finance a lump-sum PMI premium into their loan. Should the PMI be canceled before the loan term expires through refinancing, paying off the loan, or removal by the loan provider, the borrower may obtain the rebate of the premium   想要在交易結束時避免支付 PMI 但不想增加每月房屋付款的借款人可以為他們的貸款一次性支付 PMI 溢價。如果在貸款期限屆滿前通過再融資、清償貸款或被貸款提供者移除的方式取消PMI，借款人可以獲得保費的返還.

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How Does the Buyer Apply for PMI 

買家如何申請PMI ?

Typically the buyer covers the cost of PMI, but the lender is the PMI company's client and shops for insurance on behalf of the borrower. Lenders usually deal with only a few PMI companies because they know the guidelines for those insurers. This can be a problem when one of the lender's prime companies turns down a loan because the borrower doesn’t fit its risk parameters. A lender might follow suit and deny the loan application without consulting a second PMI company which could leave all parties in an undesirable position. The lender has the difficult task of being fair to the borrower while shopping for the most effective way to lessen liability.

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通常買方承擔 PMI 的費用，但貸方是 PMI 公司的客戶並代表借款人購買保險。貸方通常只與少數 PMI 公司打交道，因為他們了解這些保險公司的指導方針。當貸方的主要公司之一因為藉款人不符合其風險參數而拒絕貸款時，這可能是一個問題。貸方可能會效仿並拒絕貸款申請，而無需諮詢第二家 PMI 公司，這可能會使各方處於不利地位。貸款人面臨著公平對待借款人的艱鉅任務，同時尋找減輕負債的最有效方法。

What is the History of Private Mortgage Insurance (PMI)   私人抵押貸款保險 (PMI) 的歷史是什麼 ?

The Private Mortgage Insurance industry originated in the 1950's with the first large carrier, Mortgage Guaranty Insurance Corporation (MGIC). They were referred to as "magic" as these early PMI methods were deemed to "magically" assist in getting lender approval on otherwise unacceptable loan packages. Today there are 8 PMI underwriting companies in the United States.

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​私人抵押貸款保險業起源於 1950 年代的第一家大型承運人，即抵押擔保保險公司 (MGIC)。它們被稱為“神奇的”，因為這些早期的 PMI 方法被認為“神奇地”幫助獲得貸方對其他不可接受的貸款方案的批准。今天，美國有8家PMI承銷公司。

Cancellation of Private Mortgage Insurance (PMI)  取消私人抵押貸款保險 (PMI) 

The Homeowners Protection Act of 1998 established rules for automatic termination and borrower cancellation of Private Mortgage Insurance (PMI) for home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the home purchase, initial construction, or refinance of a single-family home. It does not apply to government-insured FHA or VA loans, or to loans with lender-paid PMI  1998 年的《房主保護法》制定了自動終止和借款人取消家庭抵押貸款私人抵押貸款保險 (PMI) 的規則。這些保護措施適用於 1999 年 7 月 29 日或之後簽署的用於購買、初步建造或再融資單戶住宅的某些房屋抵押貸款。它不適用於政府保險的 FHA 或 VA 貸款，也不適用於貸款人支付 PMI 的貸款 .

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With certain exceptions (home mortgages signed on or after July 29, 1999) your PMI must be terminated automatically when 22% of the equity of your home is reached, based on the original property value and if your mortgage payments are current. It can also be canceled at your request with certain exceptions, when you reach 20% equity, again based on the original property value, if your mortgage payments are current 除了某些例外情況（在 1999 年 7 月 29 日或之後簽署的房屋抵押貸款），您的 PMI 必須在達到您房屋淨值的 22% 時自動終止，這取決於原始財產價值並且您的抵押貸款是否為當前付款。也可以根據您的要求取消，但在某些例外情況下，如果您的抵押貸款支付是當前的，當您達到 20% 的股權時，同樣基於原始財產價值 .

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Exceptions 例外 :

1. If your loan is "high risk"  如果您的貸款是“高風險”

2. You have not been current on your payments within the year prior to termination time or cancellation  您在終止時間或取消之前的一年內沒有及時付款

3. If you have other liens on your property  如果您的財產有其他留置權

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Ask your lender or mortgage servicer for information about these requirements. If you signed your mortgage before July 29, 1999 you can request to have the PMI canceled once you exceed 20% home equity. But, federal law does not require your lender or mortgage servicer to cancel the insurance  有關這些要求的信息，請諮詢您的貸方或抵押貸款服務商。如果您在 1999 年 7 月 29 日之前簽署了抵押貸款，一旦您的房屋淨值超過 20%，您就可以要求取消 PMI。但是，聯邦法律不要求您的貸方或抵押貸款服務商取消保險 .

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