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Term Definition

Also known as PMI, mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent. This is applicable with conventional loans and once the value of the property had exceeded 80% of its' original appraised/contract value, the loan can be adjusted to drop the PMI portion of the payment. This is not automatic, however. Some lenders require a new appraisal or a broker-price-opinion that can be provided by a Realtor.

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