Private mortgage insurance (PMI) is a type of insurance used with conventional home loans. PMI protects the lender, not the borrower, if the borrower stops making payments on their loan. The borrower pays a monthly premium that is part of their escrow payment. It is usually required when there is less than 20% equity at the time of closing. 

For more information and questions, call our mortgage department at 800-365-7772. Our hours of operation are Monday through Friday from 7 a.m. to 8 p.m. CT. We accept relay calls.