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Question 1 of 5
1. Question
A borrower has been making on-time mortgage payments for 15 years on a 30-year loan. The loan balance has not yet reached 78% of the original property value.
When must the lender terminate PMI?
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Question 2 of 5
2. Question
A borrower asks what the “midpoint of the loan’s amortization schedule” means.
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Question 3 of 5
3. Question
A borrower has an interest-only mortgage and asks how PMI termination will be handled.
Why is the midpoint PMI termination rule especially important for this type of loan?
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Question 4 of 5
4. Question
Under what condition is private mortgage insurance required?
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Question 5 of 5
5. Question
A borrower asks how hazard (homeowners) insurance is handled at closing.
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