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Private Mortgage Insurance or PMI is the supplemental insurance that many lenders have to purchase when the amount being loaned is more than 80% of the value of the home (LTV loan to value). This additional payment is often folded into the monthly mortgage payment and is quickly forgotten. After a rise in values and/or payment to principal goes below this 80% level, PMI is no longer required at vpnarena.se .

The United States Congress passed a law in 1998 (Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met. An appraisal is required to determine the property’s value. The costs of these services are recovered in just a few months of not paying the PMI at Convert a PSD to WordPress (Bootstrap) Theme in 5 EASY Steps.