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Mortgage glossary
Private Mortgage Insurance (PMI)
Insurance that protects the lender on certain conventional loans, often when the borrower has a smaller down payment. It does not protect the borrower from foreclosure. Federal cancellation rights commonly use the home's original value and the scheduled loan balance; other requirements and exceptions may apply.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.