Finding out that you need to pay PMI can be a huge surprise. If you’re a homeowner and your mortgage is larger than 80% of the value of your home, chances are you have to pay for Private Mortgage Insurance (PMI). PMI protects lenders in case borrowers default on their loans. It’s an insurance policy that gets taken out by the borrower and is paid monthly as part of their mortgage payment. But what exactly is it? In this video, we’ll answer these questions and more!
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