PMI may be required when you’re purchasing a house or refinancing your mortgage.
If you do need to pay PMI, your lender, not you, will choose the provider of the PMI. As a result, PMI rates may vary depending on your lender, their provider, mortgage types, and PMI types.
PMI payments can be paid in a few ways depending on PMI type. Your lender may let you choose how you pay your PMI, and others will make that decision for you.
With lender-paid mortgage insurance (LPMI), the lender will pay the mortgage insurance premium. However, you will pay for the PMI during the mortgage repayment in a slightly higher interest rate.