PMI is Private Mortgage Insurance. On a conventional loan, PMI is required if you borrow over 80% of your appraised value or purchase price (whichever is lower). This protects the lender against financial loss if the loan is defaulted.
PMI is Private Mortgage Insurance. On a conventional loan, PMI is required if you borrow over 80% of your appraised value or purchase price (whichever is lower). This protects the lender against financial loss if the loan is defaulted.