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What is Private Mortgage Insurance (PMI)?
Frequently Asked Question
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional mortgage loan. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. This short term insurance protects the lender against loss if a homeowner defaults on their mortgage. Using PMI allows home buyers to purchase their house with a lower down payment.