What is PMI?

PMI private mortgage insurancePMI is the abbreviation for Private Mortgage Insurance.

Mortgage lenders generally require borrowers to pay PMI if they put less than 20% down on their home purchase.

The premium is paid monthly & protects the lender, not the Borrower.

The monthly premium is taken into consideration when lenders qualify you for your mortgage on your home.

In some circumstances, once your home equity builds to more than 20% of market value, you may be able to have the lender lift this monthly payment requirement.

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