FinancePregunta 74 de 120
Private mortgage insurance (PMI) is typically required when a conventional borrower makes a down payment of:
a.More than 50 percent
b.Exactly 100 percent
c.Any amount, regardless of down payment
d.Less than 20 percent
Explicación
Lenders typically require PMI on conventional loans when the down payment is less than 20 percent, protecting the lender against default. PMI can often be canceled once the borrower reaches sufficient equity. It differs from FHA mortgage insurance premiums, which have their own rules.
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