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PMI or MIP

Many states require Primary Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) to be purchased to back your mortgage in the event you cannot pay. This is to protect the lender. This is generally required on what are considered high-risk loans. A loan is considered a high risk when the down payment is below 20% of the value of the property i.e. if the loan to value ratio (LTV) is more than 80%.
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