If an individual cannot make a large down payment when receiving a mortgage loan, they will most likely have to pay for Private mortgage insurance (PMI). This insurance protects the lender in case the borrower defaults on the loan.
When receiving a mortgage loan, if an individual cannot make a large down payment, they will most likely have to pay for what?(1 point)
Responses
Application fee
Application fee
Private mortgage insurance
Private mortgage insurance
Risk assessment
Risk assessment
Tenant tax
Tenant tax
1 answer