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Mike is applying for a home loan and wants to buy a house worth $150,000 in a neighborhood close to his work. however, he only has $15,000 toward the down payment. mike may be required by the lender to
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Mike is applying for a home loan and wants to buy a house worth $150,000 in a neighborhood close to his work. however, he only has $15,000 toward the down payment. mike may be required by the lender to

User Abdulrahman Masoud
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1 Answer

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Pay PMI (private mortgage insurance) which is the amount the lender charges to protect their interests in case the borrower stops paying and defaults on the loan.

User Berry Blue
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