Paul L. Underwood is a writer and editor specializing in finance whose work has appeared in The New York Times, Esquire, Texas Monthly and more. Paul lives in Austin, Texas, with his wife, two ...

PMI is a type of insurance that protects the lender, not the borrower, in case the homeowner defaults on a conventional loan.

Private mortgage insurance (PMI) is an extra monthly fee that you pay on a conventional mortgage if you put less than 20 percent down. PMI must be terminated at a certain point in your loan term or ...

Mortgage insurance premiums (MIPs) are a type of insurance paid to the Federal Housing Administration (FHA) for certain mortgage loans. If you can buy a home with a Federal Housing Administration (FHA ...

If you’re unable to make a down payment of 20% or more on a conventional mortgage, there’s a good chance you’ll have to pay private mortgage insurance (PMI). PMI, which is arranged through a ...

Mortgage insurance allows homebuyers to purchase homes with down payments of less than 20%. This credit enhancement tool involves paying an additional charge with your mortgage to protect the lender ...

Dreaming of buying a home? If you don’t have a 20% down payment on the home’s purchase price, lenders will require you to get private mortgage insurance. Private mortgage insurance protects the lender ...

If you take out an FHA loan, you’re required to pay FHA mortgage insurance premiums (MIP). FHA MIP includes an upfront premium, typically paid at closing, and annual premiums. The cost of the annual ...

When purchasing a home with a conventional loan, you might be required to pay for private mortgage insurance (PMI). This is generally the case if your down payment doesn’t meet a certain threshold of ...