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What Is PMI?

  • PMI is extra insurance that lenders require from most  homebuyers who obtain loans that are more than 80 percent  of their new home's value.
  • In other words, buyers with less than a 20 percent down payment are normally required  to pay PMI.

Benefits of PMI

  • PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have greater access to homeownership.
  • With this type of insurance, it is possible for you to buy a home with as little as a 3 percent to 5 percent down payment.
  • This means that you can buy a home sooner without waiting years to accumulate a large down payment.

If you would like to learn more about the process of getting a home loan, contact us to talk to a loan expert or submit a Loan Advisor request.