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PMI (Private Mortgage Insurance)

Insurance that protects the LENDER when you put down less than 20%.

Why it matters

PMI is required on conventional mortgages with LTV above 80%. It cancels automatically when the LTV reaches 78% of the original value under federal law, and you can request cancellation at 80% based on current value.

See also

Educational only — not financial, tax, or legal advice.