Difference between revisions of "Private mortgage insurance"

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Most lenders require '''private mortgage insurance''' (PMI) for loans that exceed 80% of the home’s value. The insurance protects the lender, but the borrower pays a premium of .5% to 1% up front and a monthly charge. This insurance allows the borrower to obtain loans for which they would not ordinarily qualify. <ref>[http://www.mortgage-smart.info/required-reading/article.php?id=8 Mortgage Smarts] </ref>
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Most lenders require '''private mortgage insurance''' (PMI) for loans that exceed 80% of the home’s value. The [[insurance]] protects the lender, but the borrower pays a premium of .5% to 1% up front and a monthly charge. This insurance allows the borrower to obtain loans for which they would not ordinarily qualify.<ref>[http://www.mortgage-smart.info/required-reading/article.php?id=8 Mortgage Smarts]</ref>
  
 
==References==
 
==References==

Revision as of 18:12, 17 February 2014

Most lenders require private mortgage insurance (PMI) for loans that exceed 80% of the home’s value. The insurance protects the lender, but the borrower pays a premium of .5% to 1% up front and a monthly charge. This insurance allows the borrower to obtain loans for which they would not ordinarily qualify.[1]

References

External links

Definitions of private mortgage insurance on Google