Difference between revisions of "Private mortgage insurance"
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Revision as of 05:47, 7 September 2013
Private mortgage insurance
- Most lenders require PMI insurance 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.
- from Mortgage Smarts