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What is Private Mortgage Insurance?

Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less than 20% on a conventional loan, you will also need to pay for PMI.

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Peter Bately
Peter Bately
Apr 14, 2023

A private mortgage is a contract between a borrower and a private, individual lender wherein the lender gives the borrower financing so that they can buy a house.

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jone martin
jone martin
Apr 07, 2023

A borrower could be forced to purchase private mortgage insurance as a condition of receiving a traditional mortgage loan.

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