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What is private mortgage insurance (PMI)?
Posted : 28/04/2024 2:17 pm
Private Mortgage Insurance (PMI) is a type of insurance that borrowers might be required to buy as a condition of a conventional mortgage loan. Most lenders require PMI when a homebuyer makes a down payment of less than 20% of the home's purchase price.
PMI protects the lender's investment in the home, not the borrower.
Posted : 30/04/2024 9:16 pm