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What is the Purpose of PMI? – North Florida Mortgage

What is PMI? In a nutshell, PMI is a requirement for many lenders when your down payment is less than 20% of the value of the home. PMI is for the lender’s protection because if someone were to stop making payments on his or her loan, PMI compensates the lender for the difference between the actual down payment and the 20% figure.

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private mortgage insurance (PMI) is a necessary add-on faced by some buyers required to carry the added protection in order to obtain financing. Well-qualified applicants with substantial down payments are typically exempt from the requirement, which ultimately protects lenders from default.

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Private Mortgage Insurance, or PMI, is an insurance policy. It pays the lender back when a loan goes into default. It is paid for by the homeowner but benefits the lender.

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To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent.

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