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Private mortgage insurance, often abbreviated as PMI, is a mortgage insurance that borrowers might be required to pay for if they have a conventional loan with less than 20% down payment.

PMI protects the lender—not the borrower—if borrower stops making payments on the mortgage.

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Synonyms:
PMI
Related Articles:
  • Explaining Debt-to-Income "DTI" and Its Importance
  • Glossary: Mortgage Insurance
  • Glossary: Piggyback Mortgage
  • What is Private Mortgage Insurance (PMI)? Do I need it?
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Related Terms:
  • Term: Mortgage Insurance
  • Term: Conventional Mortgage
  • Term: Down Payment
  • Term: Mortgagor
  • Term: Lender
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Stem Lending is a mortgage broker, helping home buyers comparison shop for their mortgage. Currently available to home buyers in Colorado, Connecticut, New Jersey, Pennsylvania, and Virginia. NMLS: 1648699