Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less than 20% on a conventional loan, you will also need to pay for PMI.
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A private mortgage is a contract between a borrower and a private, individual lender wherein the lender gives the borrower financing so that they can buy a house.
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A borrower could be forced to purchase private mortgage insurance as a condition of receiving a traditional mortgage loan.
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