What is PMI?
Title; What is PMI?
PMI (Private Mortgage Insurance) is a type of mortgage insurance that buyers are typically required to pay for a conventional loan when they make a down payment that is less than 20% of the home’s purchase price.
PMI is designed to protects the lender’s investment in case you fail to repay your mortgage.
One reason why the VA loan is one of the best is because it does not carry PMI despite its low downpayment criteria.
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