PMI quiz

Eight questions about private mortgage insurance: when you need it, what it costs and how to get rid of it.

8 questions · about 2 minutes · no signup needed

Question 1 of 8When is PMI usually required?

On conventional loans with less than 20% downOn every mortgageOnly on jumbo loansOnly on VA loans

Question 2 of 8Who does PMI protect?

The lenderYouThe sellerYour agent

Question 3 of 8A typical PMI cost is…

Roughly 0.3% to 1.5% of the loan per year5% of the loan per monthA flat $50 a yearNothing

Question 4 of 8When can you ask to remove PMI?

When your balance reaches 80% of the original valueNeverAfter one paymentOnly by selling

Question 5 of 8FHA mortgage insurance works the same as PMI.

TrueFalse

Question 6 of 8Can rising home values help you drop PMI sooner?

TrueFalse

Question 7 of 8PMI is the same as homeowners insurance.

TrueFalse

Question 8 of 8What’s lender-paid mortgage insurance?

The lender covers PMI in exchange for a higher rateFree insuranceA government grantA type of title insurance

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