Olear Make It Clear – Episode 10 – PMI

Olear Make It Clear – Episode 10 – PMI

PMI: Private Mortgage Insurance is required by a mortgage lender when a homebuyer makes a downpayment of 20% or less on a conventional loan. PMI can be eliminated after a period of time when the borrower’s equity exceeds 75% of the home’s current appraised value. On an FHA loan, a Mortgage Insurance Premium is required and stays in place for the life of the loan.