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pmi: What Is PMI and Why Do We Need It? - 04/17/07 11:15 AM
                                                           What Is PMI and Why Do We Need It?
What is PMI?  PMI is "Private Mortgage Insurance".  This is extra insurance that lenders require to be purchased when the borrower's loan, compared to the value of their home is more than 80% of its value. 
Why PMI? PMI allows more flexibility for potential homebuyers to get more home faster, and for less of a down payment, say 3% or 5%.  PMI insures the lender in case of default from the borrower, which frees up funds which would normally not be available to some homebuyers due to credit, reserves, or other factors … (3 comments)

 
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Brad Patshkowski - Home Loans Spokane, WA

Spokane, WA

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Heritage Home Loans a division of Mann Mortgage LLC

Address: 104 S. Freya St., Suite 106 Blue Flag Bldg., Spokane, WA, 99202

Office Phone: (509) 252-4000

Cell Phone: (509) 230-3765

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I write and compile blogs informing consumers and my industry of changes and trends that may effect the way they buy homes, or their business as agents and lenders. Some are inspirational pieces and others are strictly informative...I try to mix it up!


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