The private mortgage insurance industry has launched two Web sites to provide information about private mortgage insurance (PMI) and how it compares with other home-financing options.
One site, http://www.privatemi.com, is geared to consumers, while http://www.micanews.com is aimed at policymakers and the media.
"We launched these Web sites to help the public understand how using PMI can help them buy a home today, not someday," said Frank P. Filipps, chairman and CEO of Radian Guaranty Inc. and president of the Mortgage Insurance Companies of America, the industry's trade association.
The consumer site includes five calculators to help buyers make informed decisions about home financing. One calculator allows prospective home buyers to determine how much sooner they can buy a home using PMI rather than saving for a larger down payment.
A second lets them assess how much more house they can buy with its help. Others assist consumers in comparing PMI with other financing options such as the piggyback loan, and calculating how soon PMI can be canceled.