Private Mortgage Insurance (PMI) is an insurance policy that protects the lender if the borrower stops making mortgage payments. It is required for conventional loans with a down payment of less than 20% of the home’s appraised value or purchase price. PMI can be removed automatically at 78% loantovalue or requested at 80% loantovalue after an updated appraisal.

PMI, or Private Mortgage Insurance, protects the lender if the borrower stops making mortgage payments.
PMI is required for conventional loans with a down payment less than 20% of the appraised value or purchase price.
PMI expenses typically range from 0.58% to 1.86% of the loan amount.
PMI is automatically dropped at 78% loantovalue, reducing monthly payments.
PMI requirements may vary for nonconventional loans.

0:00 What is PMI?
0:29 When are you required to pay PMI?
1:20 How long do you have to pay PMI?
1:54 PMI requirements may vary for nonconventional loans


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About Churchill:
At Churchill Mortgage, we believe homeownership is a big part of the American dream. After all, your home is where all of life’s moments take place. That’s why we’re committed to doing what’s right for you.
Since your financial goals are personal, we want your home loan experience to be too. By building out a smarter mortgage plan that works with your unique goals in life, you can cut time and money off your loan, which allows you to build wealth. And owning a home is one of the fastest and most stable ways to build wealth.
From your first phone call with our team through the length of your loan, you’ll see Churchill Mortgage does things differently. If you’re looking to buy a home or refinance and want to work with a family of people who are dedicated to doing what’s right for you, reach out. We’re ready to help!

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