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What is Private Mortgage Insurance (PMI) and what is the cost?

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What is Private Mortgage Insurance (PMI) and what is the cost?

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Private Mortgage Insurance (PMI) is required on mortgages financed at above 80% Loan to Value (LTV) and protects the lender from loss through default. The cost is based on the specified LTV premium multiplied by the Loan Amount, divided by 12.

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