Private Mortgage Insurance (PMI)
What is it? A policy offered from private mortgage insurers to protect the mortgage issuer from default. This expense is passed on to the borrower in the form of a PMI payment. Usually, lenders require PMI for loans with a LTV lower than 80%. Often, with PMI a borrower is able to obtain a loan with only 3% equity instead of the traditional 20%.Added By: Tyler
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