Note: Depending on the type of loan you have, your mortgage insurance may go by different names. It can be called Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP).

Private mortgage insurance (PMI) protects your loan’s investor (the entity that owns the loan) in case a borrower defaults. Lenders may require private mortgage insurance if your down payment is less than 20% of the loan amount.

Learn how much insurance you need to cover your home and loan, and which types of insurance are required or optional for your property. Find out how to pay for insurance through your escrow account and what to do if you live in a high-risk area.

Some states in high-risk areas—like the Gulf Coast and Hawaii—require this additional insurance separate from your homeowners (hazard) policy. If required, it can be paid through your escrow account.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. What is mortgage insurance ( PMI / MIP) and how to request removal.

PMI protects the lender against default. It’s generally required when the down payment is less than 20%. It’s usually included as part of the monthly payment, but in some cases you can pay it upfront as a part of closing costs.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. What is mortgage insurance ( PMI / MIP) and how to request removal.

Feel free to contact us if you have any questions about insurance changes. It’s important we’re kept in the loop so we can keep your escrow account up to date and use its funds properly on your behalf.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. What is mortgage insurance ( PMI / MIP) and how to request removal.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. What is mortgage insurance ( PMI / MIP) and how to request removal. The requirements to remove MIP are complex and ...