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Why do I need mortgage insurance? - Read More

Date Added: May 17, 2008 09:08:02 PM
A: Private mortgage insurance, also known as PMI, is often required if your down payment is less than 20 percent of the home's purchase price. As the value of your home rises and you pay down some of the loan amount, your equity may surpass 20 percent of its value. In that case, you can apply to drop the insurance coverage.

Category: Business & Economy » Finance and Investment » Insurance » Home Insurance


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