Blog > What Is PMI, and When Can It Be Removed?
PMI, or Private Mortgage Insurance, protects the lender if a borrower defaults on a loan with less than 20% down. While it increases your monthly payment, PMI can be a useful stepping stone for buyers who want to purchase sooner rather than wait to save a larger down payment. Once your home equity reaches 20%, you can request that PMI be removed. For conventional loans, it’s often dropped automatically when equity hits 22%.
GET MORE INFORMATION
