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What is Private Mortgage Insurance (PMI)?

calendar_today July 17, 2026 person Claire Gallaudet domain tomo-guides

Private mortgage insurance (PMI) is a policy your lender requires when you put down less than 20% on a conventional loan. It protects the lender if you stop making payments. PMI typically costs between 0.46% and 1.5% of your loan amount per year.

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