Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down. PMI must be terminated at a certain point in your loan term or ...

Mortgage rates have come down from recent highs but remain elevated. As of Oct. 2, the 30-year average mortgage rate stood at 6.34%, according to Freddie Mac. And while housing supply has improved, ...

When purchasing a home with a conventional loan, you might be required to pay for private mortgage insurance (PMI). This is generally the case if your down payment doesn’t meet a certain threshold of ...

Dreaming of buying a home? If you don’t have a 20% down payment on the home’s purchase price, lenders will require you to get private mortgage insurance. Private mortgage insurance protects the lender ...

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The conventional wisdom about private mortgage insurance has long been that borrowers should try to avoid it. PMI is a requirement for conventional mortgage borrowers who put down less than 20% on a ...

The real estate industry has a trade-off between consumers and lenders. Consumers can get a mortgage with a small down payment, but lenders are then protected with buyer-paid mortgage insurance that ...

If you’re unable to make a down payment of 20% or more on a conventional mortgage, there’s a good chance you’ll have to pay private mortgage insurance (PMI). PMI, which is arranged through a ...

Federal law requires a lender to cancel private mortgage insurance (PMI) on conventional loans when a mortgage term is at its halfway point, or when the mortgage balance drops to 78 percent of the ...

Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a ...

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is ...