Question

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 _____. collateral PMI MPI closing costs

Answer 1

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.

Answer 2

Answer: 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. 

Note that PMI really isn't that bad if you have someone to walk you through the logistics. Hope this helps!