Have you ever heard the expression tossed around by your bank otherwise loan officer, you’ve noticed a great “PMI” line goods on your closure revelation, or you are viewing “PMI” on the escrow statements. Regardless of the reasoning, you want to know: what exactly is this PMI and why was We being required to pay it?
For many individuals, PMI are an automated element of homeownership-at least at the beginning of the loan label. It means individual financial insurance rates, and most loan providers require it (save for some unique facts, loan items, and significant off money.)
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