Definition page

Private Mortgage Insurance

April 26, 2023

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Private mortgage insurance, also called PMI, is a type of insurance that is often required for conventional mortgage loan borrowers. Most mortgage lenders require PMI when a homebuyer makes a down payment of less than 20% of the home’s purchase price. Like other kinds of mortgage insurance, PMI protects the lender, not you, if you stop making payments on your loan.

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