{"id":207330,"date":"2023-10-10T16:51:27","date_gmt":"2023-10-10T16:51:27","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/"},"modified":"2023-10-10T16:51:27","modified_gmt":"2023-10-10T16:51:27","slug":"is-pmi-based-on-loan-amount-or-appraisal","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/","title":{"rendered":"Is PMI based on loan amount or appraisal?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#Is_PMI_based_on_loan_amount_or_appraisal\" title=\"Is PMI based on loan amount or appraisal?\">Is PMI based on loan amount or appraisal?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#FAQs\" title=\"FAQs\">FAQs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#1_What_is_PMI\" title=\"1. What is PMI?\">1. What is PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#2_How_is_PMI_calculated\" title=\"2. How is PMI calculated?\">2. How is PMI calculated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#3_Can_I_avoid_paying_PMI\" title=\"3. Can I avoid paying PMI?\">3. Can I avoid paying PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#4_What_is_the_purpose_of_PMI\" title=\"4. What is the purpose of PMI?\">4. What is the purpose of PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#5_Is_PMI_tax_deductible\" title=\"5. Is PMI tax deductible?\">5. Is PMI tax deductible?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#6_How_long_do_I_have_to_pay_PMI\" title=\"6. How long do I have to pay PMI?\">6. How long do I have to pay PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#7_Can_I_cancel_PMI_once_I_reach_20_equity\" title=\"7. Can I cancel PMI once I reach 20% equity?\">7. Can I cancel PMI once I reach 20% equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#8_Is_PMI_required_for_all_types_of_loans\" title=\"8. Is PMI required for all types of loans?\">8. Is PMI required for all types of loans?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#9_How_much_does_PMI_cost\" title=\"9. How much does PMI cost?\">9. How much does PMI cost?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#10_Can_I_shop_around_for_PMI\" title=\"10. Can I shop around for PMI?\">10. Can I shop around for PMI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#11_Is_PMI_the_same_as_homeowners_insurance\" title=\"11. Is PMI the same as homeowners insurance?\">11. Is PMI the same as homeowners insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#12_What_happens_if_I_stop_paying_PMI\" title=\"12. What happens if I stop paying PMI?\">12. What happens if I stop paying PMI?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Is_PMI_based_on_loan_amount_or_appraisal\"><\/span>Is PMI based on loan amount or appraisal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Private Mortgage Insurance (PMI) is based on the loan amount, not the appraisal value of the property. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1_What_is_PMI\"><\/span>1. What is PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nPMI is a type of insurance that protects the lender in case the borrower defaults on their loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_is_PMI_calculated\"><\/span>2. How is PMI calculated?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nPMI is typically calculated based on the loan amount, the down payment percentage, and the borrower&#8217;s credit score.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Can_I_avoid_paying_PMI\"><\/span>3. Can I avoid paying PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBorrowers can avoid paying PMI by making a down payment of at least 20% of the home&#8217;s purchase price.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_What_is_the_purpose_of_PMI\"><\/span>4. What is the purpose of PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe purpose of PMI is to protect the lender from financial loss in case the borrower defaults on their mortgage.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Is_PMI_tax_deductible\"><\/span>5. Is PMI tax deductible?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn some cases, PMI may be tax deductible, but this usually depends on the borrower&#8217;s income and other factors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_How_long_do_I_have_to_pay_PMI\"><\/span>6. How long do I have to pay PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBorrowers typically have to pay PMI until they have accumulated at least 20% equity in their home.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_I_cancel_PMI_once_I_reach_20_equity\"><\/span>7. Can I cancel PMI once I reach 20% equity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBorrowers can request to cancel PMI once they reach 20% equity, but it ultimately depends on the lender&#8217;s policies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Is_PMI_required_for_all_types_of_loans\"><\/span>8. Is PMI required for all types of loans?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nPMI is usually required for conventional loans with a down payment of less than 20%. FHA loans also require mortgage insurance, but it is not called PMI.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_How_much_does_PMI_cost\"><\/span>9. How much does PMI cost?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe cost of PMI can vary depending on the loan amount, down payment percentage, and borrower&#8217;s credit score, but it typically ranges from 0.3% to 1.5% of the loan amount annually.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Can_I_shop_around_for_PMI\"><\/span>10. Can I shop around for PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBorrowers can shop around for PMI and compare rates from different lenders to find the best deal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Is_PMI_the_same_as_homeowners_insurance\"><\/span>11. Is PMI the same as homeowners insurance?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nPMI and homeowners insurance are not the same. PMI protects the lender, while homeowners insurance protects the borrower in case of property damage or loss.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_What_happens_if_I_stop_paying_PMI\"><\/span>12. What happens if I stop paying PMI?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf a borrower stops paying PMI, the lender may force-place insurance, which could be more expensive than the original PMI policy. It is important to continue paying PMI until it can be canceled based on the lender&#8217;s guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is PMI based on loan amount or appraisal? Private Mortgage Insurance (PMI) is based on the loan amount, not the appraisal value of the property. FAQs 1. What is PMI? PMI is a type of insurance that protects the lender in case the borrower defaults on their loan. 2. How is PMI calculated? PMI is &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Is PMI based on loan amount or appraisal?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/is-pmi-based-on-loan-amount-or-appraisal\/#more-207330\">Read more<span class=\"screen-reader-text\">Is PMI based on loan amount or appraisal?<\/span><\/a><\/p>\n","protected":false},"author":52,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-207330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is PMI based on loan amount or appraisal?<\/title>\n<meta name=\"description\" content=\"Is PMI based on loan amount or appraisal? 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Private Mortgage Insurance (PMI) is based on the loan amount, not the appraisal value of the property. 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Readers are strongly advised to exercise caution, verify information independently, and rely on their own judgment when considering the information provided. 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