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Joseph M. Ghabour & Associates LLC

What is PMI?

Private mortgage insurance or PMI is a type of mortgage insurance usually required with conventional loans.

When you make a down payment of less than 20% or refinance a conventional loan with an equity of less than 20%,

it’s usually required in these scenarios as well. PMI is provided by private insurance companies and protects the lender

if you stop making payments on your loan.

 

Source: Consumer Financial Protection Bureau

http://www.consumerfinance.gov/askcfpb/122/what-is-private-mortgage-insurance.html


 

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