What is Private Mortgage Insurance (PMI)? Not Everyone Can Get It!

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What is Private Mortgage Insurance (PMI)? Not Everyone Can Get It!

Dollar SignPMI has been a mystery to home buyers for as long as it has been in existence. It’s that insurance that almost every home buyer has to get in order to buy a home with less than a twenty percent down payment. It is essentially insurance for the lender that covers the amount between what you put down and eighty percent of the value of your home. The larger your down payment, the less PMI you need. As your home increases in value or you pay down your mortgage, it’s …

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