PMI (private mortgage insurance)
A monthly cost on conventional loans with less than 20% down, required to protect the lender against default risk. It cancels automatically once the loan balance reaches 78% of the home's original value, by law.
A monthly cost on conventional loans with less than 20% down, required to protect the lender against default risk. It cancels automatically once the loan balance reaches 78% of the home's original value, by law.