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Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down.
Lenders mortgage insurance ( LMI ), also known as private mortgage insurance ( PMI) in the US, is a type of insurance payable to a lender or to a trustee for a pool of securities that may be required when taking out a mortgage loan.
Private mortgage insurance, or PMI, is typically required with most conventional (non government backed) mortgage programs when the down payment or equity position is less than 20% of the property value.
By paying for PMI, you can get a conforming loan with as little as 3 percent down if you have a Conventional 97, Fannie Mae HomeReady or a Freddie Mac HomeOne or Home Possible mortgage.
Federal law requires a lender to cancel private mortgage insurance (PMI) on conventional loans when a mortgage term is at its halfway point, or when the mortgage balance drops to 78 percent of the ...
Hard to avoid it if your down payment is low. But must you pay this extra fee forever?
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