Citizens Mortgage Corp, Licensed by The NJ Depart.
26-01 Pellack Drive FAIR LAWN NJ, 07410
Need Mortgage Help? (201) 398-0800

How Does Private Mortgage Insurance (PMI) Work?

PMI companies write insurance policies to protect approximately the top 20% of the mortgage against default. This depends on the lender's and investor's requirements, the loan-to-value ratio, and the type of loan program involved. Should a default occur the lender will sell the property to liquidate the debt, and is reimbursed by the PMI company for any remaining amount up to the policy value.

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