| Mortgage Insurance (MIP or PMI) |
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| Mortgage Insurance (MIP or PMI) - Insurance that covers the lender against losses incurred as a result of a default on a home loan. This is generally required on all loans that have a Loan To Value (LTV) ratio higher than 80%. Also, FHA loans and some first-time buyer programs still require mortgage insurance regardless of the LTV. When you have accumulated 20% of your home’s value as equity, you can ask your lender to waive the PMI. |
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