06/07/2026
Mortgage Term of the Day:
PMI is insurance that protects the lender if you stop making payments on a conventional loan.
🔹 Usually required when your down payment is less than 20%
🔹 Adds a monthly cost to your mortgage payment
🔹 Can often be canceled once you reach 20% equity in your home
💡 Good to know: PMI helps buyers purchase homes with smaller down payments!