Private mortgage insurance protects the lender against loan default; it typically is not required for borrowers whose down payment is 10 percent or more.

Name: Private mortgage insurance protects the lender against loan default; it typically is not required for borrowers whose down payment is 10 percent or more.
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Private mortgage insurance (PMI) is typically required for borrowers whose down payment is less than 20 percent, not 10 percent.

Private Mortgage Insurance Protects the Lender Against Loan Default; It