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PMI Rates Drop To Record Low This Year

[fa icon="calendar'] Jun 10, 2016 2:35:52 PM / by Eustis Mortgage posted in private mortgage insurance, pmi rates

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Mortgage lenders typically require at least a 20 percent down payment on the purchase of a home to avoid paying for private mortgage insurance. Before January of 2016, these PMI costs ranged from 30 basis points (.30%) to 125 basis points (1.25%) of a borrower’s annual loan balance. With such costly insurance, homebuyers were constantly looking to avoid this mandatory coverage.

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