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When do I need private mortgage insurance?

PMI Insurance

PMI is an acronymn for Private Mortgage Insurance.

PMI is usually required if you borrow more than
80% of the value of your home.

You should ask your lender how much the premiums
will cost per month, and for how long you will
have to pay the mortgage premium insurance. If
your loan balance falls below 80%, your lender is
required to cancel the insurance if you have
established a good payment record.

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