Difference between revisions of "Private mortgage insurance"

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Revision as of 21:38, 12 December 2012

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


Links

Definitions of private mortgage insurance on Google