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Insurance

August 17, 2018
PrintedOwl.com
Private Mortgage Insurance (PMI) is insurance lenders require from homebuyers who put less than 20% down on their mortgages. PMI protects a lender against loss if a borrower defaults on a loan. It also enables borrowers with less cash to have greater access to homeownership. Mortgage lenders must automatically cancel PMI coverage once a mortgage is paid down to 78% of the home's value.
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