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What is private mortgage insurance (PMI), and when is it required?
Posted : 28/04/2024 4:43 pm
Private mortgage insurance (PMI) is a type of mortgage insurance that buyers are typically required to pay for a conventional loan when they make a down payment that is less than 20% of the home’s purchase price. PMI protects the lender in case you default on your mortgage. The cost of PMI varies based on insurance rates and the borrower’s credit score, but is usually between 0.0022% to 0.025% of the principal loan amount
Posted : 30/04/2024 5:53 pm