Forced to Buy Private Mortgage Insurance?

December 18, 2013

Important Information

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At A Glance

This Alert Affects
Consumers who were required to buy private mortgage insurance (PMI) in connection with the purchase of their home.
Company(ies)
Residential home lenders, including the following, just as examples: Bank of America, Citigroup, JP Morgan Chase, Fifth Third Bank, PNC Bank, Wells Fargo, First Horizon Bank, M&T Bank and other banks.
Additional Details
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of the home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.