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PMI (private mortgage insurance)

Definition

Insurance that protects the lender, not you, when you put less than 20% down on a conventional U.S. mortgage. It can be removed once you build enough equity.

Example

Under the Homeowners Protection Act, PMI can be cancelled on request at 80% loan-to-value and ends automatically at 78% if payments are current.

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General educational information, not personal financial advice. See our disclaimer.

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