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Like other kinds of mortgage insurance, PMI protects the lendernot youif you stop making payments on your loan. PMI is arranged by the lender and provided by private insurance companies. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the homes purchase price.What is private mortgage insurance (PMI)?
Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan. PMI is arranged by the lender and provided by private insurance companies.How do I pay my PMI premium?
The most common way to pay for PMI is a monthly premium. This premium is added to your mortgage payment. The premium is shown on your Loan Estimate and Closing Disclosure on page 1, in the Projected Payments section. You will get a Loan Estimate when you apply for a mortgage, before you agree to this mortgage.How do you split PMI payments with your lender?
Under this option, your lender agrees to cover your PMI payment at closing. In exchange, they’ll slightly bump up your mortgage interest rate. Split premium. You’ll pay a portion of your PMI upfront at closing, and the remaining premium amount with your monthly mortgage payments.