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LeoGlossary: Private Mortgage Insurance (PMI)

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A type of insurance that might be required when taking out a conventional real estate loan. This is done in an effort to protect the lender in case of default.

Typically PMI is going to be required if the down payment is less than 20% than the value of the home at the time of purchase.

The same standards usually apply when refinancing an existing loan on a property.

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