What Is Private Mortgage Insurance (PMI)?
Everything you need to know about PMI.Understanding PMI
Required when you put less than 20% down on a conventional mortgage. Costs 0.5-1.5% of the loan amount annually.
How to Remove PMI
Automatic removal at 78% LTV. Request removal at 80% LTV. Refinance if your home has appreciated. Some lenders allow reappraisal.
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What Is PMI?
Frequently Asked Questions
PMI vs MIP?
PMI is for conventional loans and can be removed. MIP is for FHA loans and usually lasts the life of the loan.
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