What college did Mary Ann Smith graduate from?

She is a graduate of Bryn Mawr College (A.B., history) and has an MFA in creative nonfiction from Bennington College.

When is PMI required?

PMI is usually required if a borrower gets a conventional loan with a down payment of less than 20%. A lender might also require PMI if a borrower is refinancing with a conventional loan, and equity is less than 20% of home value.

Who is Julia Kagan?

Julia Kagan has written about personal finance for more than 25 years and for Investopedia since 2014. The former editor of Consumer Reports, she is an expert in credit and debt, retirement planning, home ownership, employment issues, and insurance. She is a graduate of Bryn Mawr College (A.B., history) and has an MFA in creative nonfiction …

Can PMI be cancelled?

For homeowners who are required to have PMI because of the 80% loan-to-value ratio rule, they can request that the insurance policy be canceled once 20% of the principal balance has been paid off. Here are three types of mortgage insurance:

What is mortgage insurance?

Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance can refer to private mortgage insurance (PMI), qualified mortgage insurance premium (MIP) insurance, …

Can you decline life insurance on a mortgage?

Borrowers are often offered mortgage protection life insurance when they fill out paperwork to start a mortgage. A borrower can decline this insurance when it is offered, but you may be required to sign a series of forms and waivers , verifying your decision.

What is a title search?

The process is designed to uncover any liens placed on the property that would prevent the owner from selling. A title search also verifies that the real estate being sold belongs to the seller.

This is an article about what is mortgage insurance. If you have any questions, ask them in the comments below.

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