I don’t understand how making me pay an extra 500$ a month makes me MORE likely to not default on my loan. I live in Southern California and to put 10% down on a house it costs like 170k at least. Anyways I’d love to know why it’s mandatory I pay PMI.
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Its not to keep you from defaulting. It is to make it so it won’t hurt the lender if you do default.
It has nothing to do with the odds of you defaulting and everything to do with the odds your property might auction for less than you owe.
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