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More Doom and Gloom for the Housing Market??

January 28th, 2011

The Mortgage Insurance companies don’t seem to think so (at least not in Portland).

So what is Mortgage Insurance (MI)? 

Contrary to what it sounds like, MI it is not insurance that your mortgage will be paid if you lose your job.  In fact, it is not insurance for you at all, even though you may be paying it every month. 

Mortgage Insurance is for the lender holding the loan on the property.  The lender will typically require MI on any loan where there is less than an 80% loan to value ratio (LTV).  For instance, if the down payment is less than …

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