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Private Mortgage Insurance on average cost a consumer over $150 per month.
Private Mortgage Insurance, often referred to it as ‘PMI’. Even though its viewed as a negative thing its actually necessary to be able to finance a property with a 20% down payment.
In other words, it actually makes it possible for individuals that are not able to save large amounts of fund to buy a property. So its a good thing, at least for the initial purchase.
Many people are finding out that they can refinance a mortgage in as little as a year and get rid of PMI. Savings them thousands and thousands of dollars.
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