What is Private Mortgage Insurance (PMI)?

On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.

For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Leopard Funding does not make any mortgage loan commitments or fund any mortgage loans. Leopard Funding arranges loans with third-party providers.

Leopard Funding, LLC. DBA: Leopard Group | NMLS Unique Identifier 2090994 |Licensed by the N.J. Department of Banking and Insurance | www.nmlsconsumeraccess.org | Equal Housing Opportunity