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What Exclusive Mortgage Insurance Coverage Is And How To Prevent It
Exclusive home loan insurance coverage, or PMI, is generally called for with many traditional (non government backed) home mortgage programs when the deposit or equity position is less than 20% of the residential property worth. BPMI allows borrowers to get a mortgage without needing to provide 20% deposit, by covering the loan provider for the added threat of a high loan-to-value (LTV) home mortgage. On the other hand, it is not compulsory for owners of private homes in Singapore to take a mortgage insurance policy.