FinancePregunta 75 de 120
Private mortgage insurance (PMI) on a conventional loan is generally required when the borrower's down payment is:
a.More than 50% of the price
b.Exactly 20% of the price
c.Less than 20% of the price (LTV above 80%)
d.Any amount, regardless of down payment
Explicación
PMI protects the lender against default and is typically required on conventional loans when the loan-to-value ratio exceeds 80%, meaning less than 20% down. It can usually be canceled once sufficient equity is reached.
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