COVID-19: All Branch Lobbies Are Closed, Drive-Up Access is Open
As of November 25, our branch lobbies are closed at all locations due to recent spikes in COVID-19. Our drive-up access remains open. For more information, visit CitadelBanking.com/COVID19.
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.