{"id":733,"date":"2022-02-07T03:30:00","date_gmt":"2022-02-07T11:30:00","guid":{"rendered":"https:\/\/www.flyhomes.com\/blog\/?p=733"},"modified":"2022-05-26T11:27:38","modified_gmt":"2022-05-26T18:27:38","slug":"what-is-pmi","status":"publish","type":"post","link":"https:\/\/flyhomes.com\/blog\/what-is-pmi\/","title":{"rendered":"What is Private Mortgage Insurance?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">PMI, explained<\/h2>\n\n\n\n<p>As home prices rise, down payments will continue to increase, too. But not everyone has the money up front to pay the initial cash commitment of a large down payment. For those people, lenders require Private Mortgage Insurance (PMI) as a way to protect themselves against the risk of investing in borrowers with less cash up front.&nbsp;<\/p>\n\n\n\n<p><strong>In this article<\/strong>, we\u2019ll discuss what PMI is, how it works, and the pros and cons of different types of PMI.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">In this article<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d0f29db78c1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d0f29db78c1\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#What_is_Private_Mortgage_Insurance\" >What is Private Mortgage Insurance?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#How_much_does_PMI_cost\" >How much does PMI cost?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#The_different_types_of_PMI\" >The different types of PMI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#What_factors_should_I_consider_before_committing_to_a_loan_with_PMI\" >What factors should I consider before committing to a loan with PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#Ways_to_get_rid_of_PMI\" >Ways to get rid of PMI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#Wrapping_up\" >Wrapping up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>PMI is required for most down payments below 20%<\/li><li>There are different types of PMI<\/li><li>You can pay PMI up front as a lump sum, as a monthly premium, or a combination of both<\/li><li>PMI is not permanent<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Private_Mortgage_Insurance\"><\/span>What is Private Mortgage Insurance?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>PMI is a type of insurance that lenders often require you to pay when you put down less than 20% on the down payment of a conventional home loan. It protects your lender if you default on your mortgage and allows them to recoup losses tied up in the equity of the home. PMI is usually paid as a monthly premium tacked on to your mortgage payment.<\/p>\n\n\n\n<p>Not all <a href=\"https:\/\/www.flyhomes.com\/blog\/comparing-4-common-mortgage-loan-types\/?utm_source=MEDIUM&amp;utm_medium=BLOG&amp;utm_campaign=M_PMI1\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>loan types<\/strong><\/a> require PMI. It\u2019s typically required for <a href=\"https:\/\/www.flyhomes.com\/blog\/what-is-a-conforming-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\">conforming<\/a> and FHA loans. VA loans do not require PMI and many lenders don\u2019t require PMI on <a href=\"https:\/\/www.flyhomes.com\/blog\/what-is-a-jumbo-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\">jumbo loans<\/a>, but may offer a higher interest rate instead.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_does_PMI_cost\"><\/span><strong>How much does PMI cost?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The amount you&#8217;ll pay for PMI varies depending on various factors and usually ranges from 0.10% to 1.10% of your loan amount per year.<\/p>\n\n\n\n<p>Factors that influence your rate include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Your credit score<\/li><li>The type of loan or loan program you used<\/li><li>The amount of your down payment<\/li><\/ul>\n\n\n\n<p>For example, if you are applying for a $500,000 mortgage, making a 15% down payment of $75,000 and have an excellent credit score, .10% is $425 per year or $35 per month. But this is a low-end estimate. Borrowers with less of a down payment or a lower credit score may end up paying hundreds more every month.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Remember that PMI rates can vary between lenders so it\u2019s important to take rates into account when choosing a lender.<\/p>\n\n\n<figure class=\"wp-block-unsplash-image wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"8965\" data-permalink=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/d_4r9ccyzok\/\" data-orig-file=\"https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1920&amp;h=1283\" data-orig-size=\"1920,1283\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;4.0&quot;,&quot;credit&quot;:&quot;christian koch&quot;,&quot;camera&quot;:&quot;LEICA M (Typ 240)&quot;,&quot;caption&quot;:&quot;red bicycle parked beside black metal gate in front house&quot;,&quot;created_timestamp&quot;:&quot;2016-04-01T14:34:47-04:00&quot;,&quot;copyright&quot;:&quot;christian koch&quot;,&quot;focal_length&quot;:&quot;50.0&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;red bicycle parked beside black metal gate in front house&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"&lt;p&gt;red bicycle parked beside black metal gate in front house&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by &lt;a href=&quot;https:\/\/unsplash.com\/@xt1an&quot; rel=&quot;nofollow&quot;&gt;christian koch&lt;\/a&gt; on &lt;a href=&quot;https:\/\/unsplash.com\/?utm_source=the-living-room&#038;utm_medium=referral&quot; rel=&quot;nofollow&quot;&gt;Unsplash&lt;\/a&gt; &lt;\/p&gt;\n\" data-medium-file=\"https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=200\" data-large-file=\"https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=684\" src=\"https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&#038;ixlib=rb-1.2.1&#038;fm=jpg&#038;q=85&#038;fit=crop&#038;w=1024&#038;h=684\" alt=\"red bicycle parked beside black metal gate in front house\" class=\"wp-image-8965\" width=\"1024\" height=\"684\" title=\"\" srcset=\"https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=200 300w, https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=684 1024w, https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=150&amp;h=100 150w, https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=768&amp;h=513 768w, https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1536&amp;h=1026 1536w, https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=610&amp;h=407 610w, https:\/\/images.unsplash.com\/photo-1459535653751-d571815e906b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU4Mzg&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=370&amp;h=247 370w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>As home prices rise, down payments rise with them but private mortgage insurance makes it possible for buyers with less cash to purchase a home<\/figcaption><\/figure>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_different_types_of_PMI\"><\/span>The different types of PMI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Borrower-paid mortgage insurance (BPMI)<\/strong><\/li><\/ol>\n\n\n\n<p>This is the most common type of PMI. You will pay a monthly premium in addition to your mortgage payments until you have gained 22% equity in your home.&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\"><li><strong>Single-premium mortgage insurance (SPMI)<\/strong><\/li><\/ol>\n\n\n\n<p>You can also pay PMI as a lump sum at the beginning of the loan, usually as part of your closing costs. SPMI can also be folded into your monthly mortgage payments so there aren\u2019t two separate fees, but then you\u2019ll be paying interest on PMI as well.&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\"><li><strong>Lender-paid mortgage insurance (LPMI)<\/strong><\/li><\/ol>\n\n\n\n<p>Lenders can also pay mortgage insurance directly but they&#8217;ll pass the cost on to borrowers through higher interest rates. This type of PMI cannot be cancelled once your equity reaches&nbsp;22%. The only way to get rid of PMI in this situation is to refinance your mortgage.&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"4\"><li><strong>Split-premium mortgage insurance<\/strong><\/li><\/ol>\n\n\n\n<p>This type of PMI is a combination of the first two\u2014you will pay a smaller monthly&nbsp;premium after paying some of the lump sum up front. It\u2019s helpful because it splits the costs up evenly so you pay less up front than you would with SPMI alone and your monthly payments are less than they would be with BPMI alone.&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"5\"><li><strong>Federal Home Loan Mortgage Protection (MIP)<\/strong><\/li><\/ol>\n\n\n\n<p>You may qualify for a Federal Housing Authority (FHA) loan. These loans are backed by the federal government and are specifically designed for borrowers with smaller down payments who buy in rural areas. You\u2019ll pay with a combined lump sum and monthly payments. For <a href=\"https:\/\/www.flyhomes.com\/blog\/comparing-4-common-mortgage-loan-types\/?utm_source=MEDIUM&amp;utm_medium=BLOG&amp;utm_campaign=M_PMI1\">FHA loans<\/a>, PMI is required for the life of the loan in most cases so it cannot be removed unless you refinance your mortgage and choose a different type of loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_factors_should_I_consider_before_committing_to_a_loan_with_PMI\"><\/span>What factors should I consider before committing to a loan with PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>PMI has been a very effective tool for both buyers and lenders in competitive markets. But it\u2019s not a golden ticket, either. Before you commit to a loan with PMI, consider the following factors:&nbsp;<\/p>\n\n\n\n<p><strong>The monthly costs<\/strong><\/p>\n\n\n\n<p>PMI makes your first cash infusion into the overall price of your home more manageable, but it will make your monthly payments higher than if you were only paying a monthly mortgage. <\/p>\n\n\n\n<p><strong>How long you intend to stay in the home<\/strong><\/p>\n\n\n\n<p>You can usually request to cancel PMI once you have 20% equity in your home. PMI also cancels automatically once you\u2019ve reached 22% equity in the home. But if you don\u2019t intend to stay long enough to achieve those milestones, accepting a loan that requires PMI may not make sense for you.&nbsp;<\/p>\n\n\n\n<p><strong>How it will affect your taxes&nbsp;<\/strong><\/p>\n\n\n\n<p>Paying higher interest rates versus paying PMI can change your tax bill depending on your local, state, and federal tax laws. Talk to a tax advisor before you take out a loan with PMI.&nbsp;<\/p>\n\n\n<figure class=\"wp-block-unsplash-image wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"8966\" data-permalink=\"https:\/\/flyhomes.com\/blog\/what-is-pmi\/xpdhtc-pkog\/\" data-orig-file=\"https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=2560&amp;h=2016\" data-orig-size=\"2560,2016\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;5.6&quot;,&quot;credit&quot;:&quot;Matt Jones&quot;,&quot;camera&quot;:&quot;SLT-A58&quot;,&quot;caption&quot;:&quot;Mansion entrance&quot;,&quot;created_timestamp&quot;:&quot;2015-10-12T15:19:17-04:00&quot;,&quot;copyright&quot;:&quot;Matt Jones&quot;,&quot;focal_length&quot;:&quot;45.0&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;minimalist photography of house shot in front of chain fence&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"&lt;p&gt;Mansion entrance&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by &lt;a href=&quot;https:\/\/unsplash.com\/@mattrobinjones&quot; rel=&quot;nofollow&quot;&gt;Matt Jones&lt;\/a&gt; on &lt;a href=&quot;https:\/\/unsplash.com\/?utm_source=the-living-room&#038;utm_medium=referral&quot; rel=&quot;nofollow&quot;&gt;Unsplash&lt;\/a&gt; &lt;\/p&gt;\n\" data-medium-file=\"https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=236\" data-large-file=\"https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=806\" src=\"https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&#038;ixlib=rb-1.2.1&#038;fm=jpg&#038;q=85&#038;fit=crop&#038;w=1024&#038;h=806\" alt=\"minimalist photography of house shot in front of chain fence\" class=\"wp-image-8966\" width=\"1024\" height=\"806\" title=\"\" srcset=\"https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=236 300w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=806 1024w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=150&amp;h=118 150w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=768&amp;h=604 768w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1536&amp;h=1209 1536w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=2048&amp;h=1612 2048w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=610&amp;h=480 610w, https:\/\/images.unsplash.com\/photo-1444676632488-26a136c45b9b?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDQyNzU5MzU&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=317&amp;h=249 317w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Once you have 20% equity in your home, you can request your lender cancel your PMI payments<\/figcaption><\/figure>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ways_to_get_rid_of_PMI\"><\/span>Ways to get rid of PMI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Luckily, PMI is temporary in most cases. By law, PMI will automatically terminate when your home\u2019s loan-to-value rate reaches 80% or, measured a different way, when your equity reaches 22%. But a lender can continue to charge PMI past these milestones if you\u2019re not current on your mortgage payments or there is a lien on your property.&nbsp;<\/p>\n\n\n\n<p>You can also request to terminate PMI before the automatic termination date once your equity reaches 20%. To do this, follow these steps:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Write a formal request letter.<\/li><li>Make sure you are up to date on all payments.<\/li><li>Wait until there are no payments more than 30 days late within the previous 12-months. Also, make sure there are no payments more than 60 days late within the previous 24 months.&nbsp;<\/li><li>Clear any liens on your property.<\/li><\/ol>\n\n\n\n<p>After at least 2 years, if you believe your home has appreciated in value to where you now have at least 25% equity in the home, you can <strong>request to have your home reappraised<\/strong>. As long as your balance is 75% or less of the new<em> <\/em>value of the home and you have a good payment record, the lender will drop the PMI. This is a great option if you make improvements to the home in the short term.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span>Wrapping up<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>PMI is how buyers with lower down payments can still break into the housing market and begin to build equity. But it\u2019s meant to protect the landers, not the buyers. It can be a very effective tool for buyers depending on things like credit history, monthly budget, and the type of loan they are taking out.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">What is the purpose of private mortgage insurance?&nbsp;<\/h4>\n\n\n\n<p>PMI protects lenders from financial risk when they underwrite mortgages to borrowers with lower down payments. Borrowers with less cash are seen as more of a financial risk so lenders require PMI as an insurance policy to rely on if borrowers default.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How can I avoid PMI without a 20% down payment?&nbsp;<\/h4>\n\n\n\n<p>In order to avoid PMI without 20% down, you would need to take out a second mortgage\u2014or a piggyback loan\u2014to pay for the remainder of the down payment you weren\u2019t able to cover initially. With two mortgages, you\u2019re likely to pay more per month than if you simply pay PMI.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Do you always have to pay PMI?&nbsp;<\/h4>\n\n\n\n<p>No. PMI is only for borrowers who don\u2019t pay 20% down when they initiate their mortgage loan.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">What credit score will avoid PMI?&nbsp;<\/h4>\n\n\n\n<p>There is no credit score that gets a borrower out of paying PMI if a borrower pays less than 20% down. But the better the credit score, the lower your PMI payments will be.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator\" \/>\n\n\n\n<p class=\"has-text-align-center\">Want to talk about a mortgage loan?<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/flyhomesmortgage.com\/?utm_source=MEDIUM&amp;utm_medium=BLOG&amp;utm_campaign=M_PMI1\" style=\"background-color:#378df4\">visit flyhomes mortgage<\/a><\/div>\n\n\n\n<p> <br>Flyhomes Mortgage&nbsp;<br>1201 Western Ave&nbsp;<br>1st Floor, Mezzanine&nbsp;<br>Seattle, WA 98101&nbsp;<br>(855) 220-1238 <br>Flyhmes NMLS #1733272, Ami Shah NMLS #1704670<\/p>\n\n\n\n<p>Flyhomes Mortgage&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/flyhomesmortgage.com\/terms\" target=\"_blank\">Terms of Service<\/a>&nbsp;and<a rel=\"noreferrer noopener\" href=\"https:\/\/flyhomesmortgage.com\/privacy\" target=\"_blank\">&nbsp;Privacy Policy<\/a><\/p>\n\n\n\n<input type=\"hidden\" id=\"calendly_utm_post_id\" value=\"733\" \/><input type=\"hidden\" id=\"calendly_utm_post_title\" value=\"What is Private Mortgage Insurance?\" \/>","protected":false},"excerpt":{"rendered":"<p>Private Mortgage Insurance (PMI) is insurance required by lenders in most scenarios when the borrower makes a down payment of less than 20% on their home purchase. It protects your lender if you default on your mortgage and allows them to recoup losses related to the lower amount of equity in the home. <\/p>\n","protected":false},"author":148668397,"featured_media":6065,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[655421623,655421685],"tags":[35890,109100,59114,3225],"class_list":["post-733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","category-strategy-en","tag-featured","tag-home-buying","tag-mortgage","tag-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Private Mortgage Insurance? 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