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What is Private Mortgage insurance?

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What is Private Mortgage insurance?

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Private Mortgage Insurance (PMI) is an insurance policy that is required by mortgage lenders for all home loans that exceed 80% of the home’s value. The insurance premium is paid as part of the monthly payment by the borrower. This insurance policy protects the lender if the borrower defaults on the loan. This policy does not benefit the borrower.

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Private Mortgage Insurance, or PMI is insurance which protects the lender in case the buyer defaults on the loan. It is typically paid for by the borrower and exists on conventional mortgages when the buyer’s down payment is less than 20%.

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Private Mortgage Insurance, or PMI is insurance which protects the lender in case the buyer defaults on the loan. It is typically paid for by the borrower and exists on conventional mortgages when the buyers down payment is less than 20%.

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Private Mortgage Insurance, or PMI is insurance which protects the lender in case the buyer defaults on the loan. It is typically paid for by the borrower and exists on conventional mortgages when the buyer’s down payment is less than 20%.

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This insurance protects lenders against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than 10% down payment or equity at closing of less than 80% loan-to-value.

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