Eli5 why PMI exists.

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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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Anonymous 0 Comments

Are you trying to tell me that you can’t find a house in socal that costs less than $1.7M? I’m calling BS on that.

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