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What is Private Mortgage Insurance, (PMI) and under what circumstances do I need it?

April 26, 2017circumstances PMI private mortgage insurance

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What is Private Mortgage Insurance, (PMI) and under what circumstances do I need it?

1 Answer

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10 Posted

PMI is an additional insurance required by most lenders if your first mortgage loan exceeds 80% of the lower of the purchase price or appraised value of your home. This borrower paid fee is a way to make the risk of your loan similar to one with a 20% down payment.