What Is PMI

What Is PMI

What is PMI?


PMI, also known as private mortgage insurance, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by the lender and provided by private insurance companies.

If you are required to pay private mortgage insurance, it typically makes up a portion of your monthly mortgage payment, in addition to your principal, interest, property tax, and homeowners insurance. Similar to interest, property tax, and homeowners insurance, payment of your PMI does not build equity in your home.

Source- Zillow


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