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What is PMI mortgage insurance?

April 26, 2017mortgage insurance PMI

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What is PMI mortgage insurance?

1 Answer

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10 Posted

If the amount of your mortgage is more than 80% of either the purchase price or the appraised value of the property (whichever is lower), the mortgage is considered high ratio. To comply with legal requirements, you must purchase mortgage insurance. An application fee and an insurance premium also apply, which you can add to the mortgage amount. More information is available here.*Some conditions apply. For further details and the conditions required, please contact us.