– Mortgage insurance, or private mortgage insurance (PMI) (also referred to as mortgage guaranty insurance), is required for certain types of loans and is a way of offsetting the risks of the lender. PMI protects the lenders against loss should a borrower default on their loan.
How to Get Rid of Private Mortgage Insurance.. previous version of this article incorrectly stated the loan-to-value ratios and years of ownership required to cancel private mortgage insurance.
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