PMI: A Full Guide to Private Mortgage Insurance - Chase Bank
Mortgage insurance is a financial safeguard for , typically required when a borrower makes a down payment of less than 20% . It protects the lender from financial loss if you default on your loan, though you are responsible for paying the premiums. Core Types of Mortgage Insurance MORTGAGE INSURANCE
: Specifically for FHA loans . These often require both an upfront payment at closing (typically 1.75% ) and ongoing monthly premiums. PMI: A Full Guide to Private Mortgage Insurance
: Used for conventional loans . It can typically be canceled once you reach 20% equity in your home. MORTGAGE INSURANCE
: A one-time lump sum payment made at closing to avoid monthly fees. How Much It Costs