Private Mortgage Insurance (PMI)

Private mortgage insurance, or PMI, is insurance that protects the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 205 of the home’s purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.) Private mortgage insurance is generally included in your monthly mortgage payment and may be tax-deductible (please check with your tax advisor).

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