Private mortgage insurance (PMI) helps families with low down payments buy homes with minimal cash out of pocket by protecting the lender from losses. Whether you are a first-time buyer, a trade-up buyer, or a down-sizing empty nester, you can benefit from PMI by putting less money down on your new home. With prices increasing quickly, waiting to save more to avoid paying MI will likely cost you much more in the long run. Get your home now with PMI.

PMI is the private sector alternative to the Federal Housing Administration (FHA) mortgage insurance, which typically costs more and does not allow for cancellation. It is different from mortgage life insurance, which pays off a mortgage if the homeowner dies or becomes disabled. It is also different from your homeowners insurance, which protects homeowners from loss due to theft, fire or other disasters. PMI protects the lender from loss, allowing them be more lenient when lending.

Premium prices vary on PMI based on the size of the down payment, type of mortgage, amount of coverage and your credit qualifications. Premiums are collected with the monthly mortgage payment.

PMI can be cancelled! Regulations require mortgage lenders to remove PMI when certain conditions are met such as the loan being paid down to 78% LTV based on the initial purchase price. Borrowers can also request MI be removed when certain conditions are met with regard to time elapsed, equity in the home and payment history.

Want to learn more about PMI and mortgages? See a Verity representative or visit


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Kira Cox

Hi, I’m Kira. I joined Verity in early 2012 after a seven-year stint as a newspaper reporter. While I never thought my career path would veer off in this direction, I am loving my time at Verity. I recently moved from being a member services representative at the Alderwood Branch to being the marketing coordinator for the credit union.

I’m originally from Texas, but I have lived all over the country and the world, including Boston, Massachusetts, Anchorage, Alaska and Sydney, Australia. But in all my travels, the Pacific Northwest is the only place that has felt like home.

When not at work, I am usually home with playing with my son, husband, dog and three cats. During the rare times I don’t have a to-do list to plow through (and it’s not raining too hard), I can be found digging in the vegetable garden, training for a half-marathon, or grilling in the backyard.

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