Do Quicken Loans mortgages require private mortgage insurance (PMI)?

Quicken Loans typically requires private mortgage insurance (PMI) for conventional loans when a borrower makes a down payment of less than 20% of the home’s value. PMI is a type of insurance that protects the lender if the borrower stops making payments on their loan. The cost of PMI can vary based on the size of the down payment and the loan, but it generally ranges from 0.3% to 1.5% of the original loan amount per year. Once the borrower builds sufficient equity in their home—usually 20% or more—they may be able to request that the PMI be removed, subject to specific lender guidelines and loan requirements. For other types of loans, such as FHA loans, there are different types of mortgage insurance required regardless of down payment amount.