You Ask, We Answer: What is Private Mortgage Insurance or ‘PMI’ and How Does It Work?

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by Kurt Clements For many homeowners, their mortgage payment contains more than just principal and interest. A little something called PMI could be representing a significant portion of that payment, and it’s important for home buyers to understand this cost. I do my best to explain both in this article for my South Side Chicago homebuyers. What Is PMI? PMI stands …