Private Mortgage Insurance (PMI) is a type of insurance that protects the lender in case the borrower is unable to pay back the loan. It is typically required if the borrower is making a down payment of less than 20% of the purchase price. The cost of PMI varies, but it typically ranges from $30 to $70 per month per $100,000 borrowed. Homeowners Protection Act requires lenders to stop charging PMI premiums once the borrower has accumulated 22% of equity in their home.
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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number [01527365]. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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