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How Does Private Mortgage Insurance (PMI) Work?

PMI companies write insurance policies to protect approximately the top 20% of the mortgage against default. This depends on the lender's and investor's requirements, the loan-to-value ratio, and the type of loan program involved. Should a default occur the lender will sell the property to liquidate the debt, and is reimbursed by the PMI company for any remaining amount up to the policy value.

Today's Low Rates

30 Year Fixed 2.75% 2.78%
20 Year Fixed 2.625% 2.68%
15 Year Fixed 2.375% 2.43%
All rates shown with 0 points

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