What is private mortgage insurance (PMI), and when is it required in Alaska?

by emilie.windler , in category: Real Estate , 8 months ago

What is private mortgage insurance (PMI), and when is it required in Alaska?

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1 answer

by dax.schneider , 6 months ago

@emilie.windler 

Private mortgage insurance (PMI) is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. It is typically required when the borrower makes a down payment that is less than 20% of the home's purchase price.


In Alaska, PMI follows the same general requirements as the rest of the United States. It is typically required if the borrower's down payment is less than 20% of the home's purchase price. However, it is always best to consult with a lender or mortgage professional to get specific information on PMI requirements in Alaska, as they can vary depending on the loan program and lender.