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What Is PMI?
Private mortgage insurance (PMI) is often required when a homebuyer puts less than 20% down on a conventional mortgage. PMI protects the lender, but it increases your monthly payment.
When Can PMI Be Removed?
Many homeowners may request PMI removal once the loan balance reaches 80% of the home’s original purchase price, depending on lender rules and loan terms.
Can Extra Payments Remove PMI Faster?
Yes. Making extra principal payments may help reduce your balance faster, allowing you to reach the PMI removal threshold sooner.