PMI may be required when you’re purchasing a house or refinancing your mortgage. In addition, lenders may require PMI on certain loans if:
Your down payment is less than 20%: Most conventional lenders require a down payment of at least 20% of the purchase price.
For refinance loans: Your loan-to-value ratio is over 80%. If you’re refinancing your current mortgage.
Monthly Premium: When paying a monthly premium, our lender adds PMI to your monthly mortgage payment.
Upfront Premium: It’s a higher cost upfront, but you’ll have a lower monthly mortgage payment moving forward.
Monthly and Upfront Premiums: You’d pay part of the PMI upfront and then add a smaller monthly premium to your mortgage payment.