Answer:
Tee answer is PMI or Private mortgage insurance
Step-by-step explanation:
If you make a down payment for a home that is greater than 20 percent of the home value, you will not need to pay - PMI
PMI or private mortgage insurance protects the lenders, if a person stops making payments on his loan.
PMI is paid by the borrowers, if they take out a mortgage from a lender and pay a down payment of 20 percent or less. This protects the lending amount of the lender in cases of default.
Therefore, if a person makes a down payment for a home that is greater than 20 percent of the home value, the PMI is nor required.