Private Mortgage Insurance

Private Mortgage Insurance

What Is Private Mortgage Insurance (PMI) and Why Is It Required?   Many homebuyers will encounter private mortgage insurance when purchasing a home with a conventional loan.  Find out what private mortgage insurance is and how to avoid it.   What is Private Mortgage Insurance? Private mortgage insurance, or PMI, is a type of mortgage insurance used with conventional loans that protects the lender against loss if a borrower defaults on their loan.  Private mortgage insurance does not protect the borrower.  While PMI only applies to conventional loans, FHA loans have their own mortgage insurance with different requirements. When is PMI...Read more