What is private mortgage insurance (PMI)?

Private Mortgage Insurance (PMI) is an insurance policy, separate from homeowner's hazard insurance coverage, that is usually required by the lender if the down payment is less than 20 percent of the sales price or […]

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I applied for a mortgage loan and the bank is requiring me to buy private mortgage insurance (PMI) if I want to get the loan. Can it do this?

Yes. PMI usually is required if the loan origination amount is more than 80 percent of the value of the home.

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At what point can I remove the Private Mortgage Insurance (PMI) from my loan?

The Homeowners Protection Act of 1998 requires lenders to provide certain disclosures and cancel PMI under certain conditions. Prior to this Act becoming law, cancellation of PMI was at the lender’s discretion. The Act […]

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