What is PMI and when do I pay it?

PMI, or private mortgage insurance, protects the lender rather than the buyer, and it typically applies to a conventional loan when the down payment falls below the threshold the lender requires for a mortgage without it. It gets added to the monthly mortgage payment and continues until enough equity has built up to remove it. Brian Beatty can connect buyers with lenders who explain exactly when PMI would apply to their specific loan scenario.