Private mortgage insurance (PMI) is insurance against the non-payment of, or default on, an individual mortgage or loan involved in a residential mortgage.
PMI is called "private" because it is only offered to private companies and not government agencies or public mortgage lenders. public programs, such as the FHA and VA mortgage programs, have their own mortgage insurance, but it is run differently and managed internally.
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No one wants to have to pay private mortgage insurance (PMI) on a mortgage. It isn’t cheap and it adds to the monthly cost of the loan. Figuring out whether you can avoid PMI starts with understanding.
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Use NerdWallet’s free private mortgage insurance (PMI) calculator to estimate the total cost of PMI you will pay over the life of your mortgage.
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Private mortgage insurance (PMI) is insurance that protects a lender in the event that a borrower defaults on a conventional home loan. Mortgage insurance is usually required when the down payment on a home is less than 20 percent of the loan amount.
PMI, also known as private mortgage insurance, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by the lender and provided by private insurance companies.
Private mortgage insurance (PMI) rates vary by down payment amount and credit score but are generally cheaper than FHA rates for borrowers with good credit. Most private mortgage insurance is paid monthly, with little or no initial payment required at closing.