Private mortgage insurance (or PMI) is a monthly premium you pay to protect a lender if you don't have a down payment of 20% or higher. It's your "skin in the game". Your credit score and down payment affects how high the PMI will be. There's also an Up Front Mortgage Insurance Premium (UFMIP) when you get an FHA loan, which is 1.75% of the loan amount, in addition to a monthly premium of .85%. FHA UFMIP and PMI rates are set. On other loans, the rates of PMI change from lender to lender. I have over three dozen lenders to shop for you. Call or PM me to find out how good it can be!