What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults.

Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%.

In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the value of the home you are purchasing or refinancing.

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