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Private Mortgage Insurance (PMI) Explained - Mortgage Basics

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% loan-to-value or requested at 80% loan-to-value 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% loan-to-value, reducing monthly payments. 🔍 PMI requirements may vary for non-conventional 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 non-conventional loans Keep in Touch: Website: https://www.churchillmortgage.com/?ca... Call: (615) 370-8888 Email: [email protected] Subscribe: https://www.youtube.com/user/churchil... Instagram:   / churchillmortgage   Facebook:   / churchillmortgage   Twitter:   / churchillmtg   Pinterest:   / churchillmtg   - 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! - #PMI #mortgageinsurance #mortgages - Company NMLS ID # 1591 (www.nmlsconsumeraccess.org); AL-20934; AK-AK1591; AR-32094; AZ-0926494; CA-4131256 & 60DBO-140687, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, under Churchill Mortgage Corporation, which will do business in California as Churchill Mortgage Home Loans; CO-Mortgage Company Registration, Churchill Mortgage Corporation, 1749 Mallory Lane, Suite 100, Brentwood, TN 37027, Tel 888-562-6200, Regulated by the Division of Real Estate; CT-ML-1591; DE-033845; DC-MLB1591; FL-MLD1264; GA-23146; HI-HI-1591 & MS276; ID-MBL-8038; IL-MB.6760685, Illinois Residential Mortgage Licensee, Department of Financial and Professional Regulation, 310 S. Michigan Avenue, Suite 2130, Chicago, Illinois, 60604-4278, (312) 793-3000 1050; IN-10930 & 10931; IA-2009-0009; KS-MC.0025136, Kansas Licensed Mortgage Company; KY-MC19522; LA- Residential Mortgage Lending License; MA-Massachusetts Mortgage Lender License #ML1591; MD-18840; ME-Churchill Mortgage Corporation, Supervised Lender License NMLS # 1591; MI-FR0019728 & SR0014889; MO-19-2136, 2300 MAIN ST STE 900, Kansas City, MO 64108-2408; MN-MN-MO-1591, MN-MO-1591.1 & MN-MO-1591.2; MS–1591; MT-1591; NC-L-144110; ND-MB103110; NE-2037; NH-Licensed by the New Hampshire Banking Department 21382-MBS; NJ-Licensed Mortgage Banker by the NJ Banking and Insurance Department; NM-03780; NV-5187; OH-RM.850178.000; OK-MB002527 & ML002574; OR-ML-5134; PA-41761, Licensed by the PA Department of Banking and Securities under Churchill Mortgage Home Loans; RI-20173440LL; SC-MLS-1591, MLS - 1591 OTN #1 & MLS - 1591 OTN #2; SD-ML.05137; TN-109305; TX-Mortgage Banker Branch Registration; UT-11711076; VA-MC-5222, Churchill Mortgage Corporation of TN; VT-7009; WA-CL-1591; WV-ML-34919; WI-1591BA & 1591BR; WY-2516; Tel 888-562-6200; 1749 Mallory Lane, Suite 100, Brentwood, TN 37027; All other states, Churchill Mortgage Corporation; For licensing information go to: www.nmlsconsumeraccess.org