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COMING SOON: We’re introducing a new look for Citadel’s brand!

Over the next few weeks, you may see some changes on our website, as well as Online and Mobile Banking. As a valued member, we'll keep you informed as we start rolling out changes.   Learn More

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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.