What is PMI, and can I avoid it?
PMI is private mortgage insurance, added when you put less than 20% down on a conventional loan. It protects the lender, not you. You can avoid it with 20% down, and on conventional loans you can request to remove it once you reach about 20% equity.
PMI — private mortgage insurance — is an extra monthly charge added when you put down less than 20% on a conventional loan. It protects the lender if you default, not you, but it's what lets you buy with a smaller down payment.
The good news: on conventional loans, you can request to cancel PMI once you've built about 20% equity, and it typically drops off automatically at 22%. (FHA loans handle this differently — their mortgage insurance usually stays for the life of the loan.) So PMI is often temporary, not forever.
This answer is general education, not legal, tax, or financial advice. Your situation is unique — let's talk through the specifics together.