 TITLE: Homeowner Expenses Beyond Your Mortgage CONTENT: Private Mortgage Insurance\n--------------------------\nIf you put down less than a 20% downpayment on your house, you may have to pay for private mortgage insurance, or PMI. PMI protects your lender if you default on your mortgage and your home goes into foreclosure. If you have a low credit score or have gone through a bankruptcy or foreclosure prior to your new mortgage, you'll likely have to pay PMI even if your down payment exceeds 20%.\nPMI will typically cost you anywhere between 0.5% and 1% of your entire loan amount, every year. There are a few ways to pay your PMI, though the most common is to pay for it as part of your monthly mortgage payment. END