Private Mortgage Insurance: The One Expense Buyers Underestimate

"Private mortgage insurance has had a definitive impact on many home buyers – including making them rethink or delay the purchase of a home in light of not being able to meet monthly mortgage payments," says Michael Copley, executive vice president of retail lending at TD Bank. A recent study found that 65 percent of home owners with private mortgage insurance say that the additional cost of PMI prompted them to pay a higher monthly mortgage payment than they had originally expected.

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The One Expense Buyers Underestimate

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