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

Kim is a freelance contributor to Newsweek’s personal finance team. She began her career on the Bankrate copy desk in 2010, worked as a managing editor at Macmillan and went full-time freelance in ...

Private mortgage insurance, or PMI, can help you buy a home faster with less than 20% down. PMI cost depends on your credit rating, loan type and down payment size. PMI can often be avoided when it ...

PMI is a tool to help borrowers finance homes with less than 20% down. PMI is not permanent. It terminates automatically after a number of payments, or you can request earlier cancellation under ...

Commonly known as Freddie Mac, the Federal Home Loan Mortgage Corporation (FHLMC) supports the U.S. housing finance system by helping manage and facilitate affordable mortgage funds for American ...

The time had finally arrived—my husband and I had saved enough for a home down payment and we were off to the bank to get approved for our first mortgage. Talking to the loan officer we discussed term ...

A down payment is the portion of a home’s purchase price the buyer isn’t financing with a mortgage. The amount is paid ...

A homebuyer might pay private mortgage insurance depending on the size of their down payment. PMI differs from mortgage insurance a borrower would pay if they use an FHA loan. Buying or selling a home ...