Insurance typically required by lenders for borrowers with a down payment less than 20%, indemnifying the lender in the case of foreclosure.
Private Mortgage Insurance (PMI) is a type of insurance required primarily for homebuyers who obtain conventional loans with a down payment of less than 20% of the home's purchase price. It protects the lender in case the borrower defaults.
Insurance on conventional loans, provided by private insurance companies to protect lenders against loss if a borrower defaults on their loan.
