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Private mortgage insurance (PMI) on home loans is aimed at protecting the lender, not the home buyer. It basically offers a degree of protection for the lender against non-payment in the even the home buyer defaults on the home loan. PMI allows for a lender to provide a home buyer with a home loan with a small down payment (e.g. less than 20% down).
PMI isn't permanent. When a mortgage falls below an 80/20 Loan-to-Value (LTV) ratio, it can eliminate the need for PMI. Below are a few ways PMI can be removed from a loan, thus reducing the monthly mortgage payment.
It's recommended to consult with your lender on ways your PMI can be removed your home loan.
More Questions Regarding PMI?
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