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Private Mortgage Insurance

What is Private Mortgage Insurance

Private mortgage insurance (PMI) is a policy that protects lenders who make loans to individuals who want to buy or refinance a home, but are unable to come up with the required 20% down payment.

 

Private Mortgage Insurance Facts:

  • PMI plays a valuable role in expanding home ownership.

  • With PMI, families can purchase homes with as little as 3-to-5 percent down payment on a home.
  • Nearly 1 million people a year buy or refinance a home with PMI.
  • PMI cost home owners between $20 to $100 per month.
  • PMI can be canceled, under certain conditions, when a good payment history is met and 20% or more equity is achieved on the cost of the home.