A: PMI is an insurance policy that protects the lender in case you default on your mortgage. It’s typically required if you make a down payment of less than 20%. Once you build up enough equity in your home, you can usually cancel PMI.
Q: Can I refinance my mortgage later on?
A: Yes, refinancing your mortgage can be a good option if interest rates have dropped or if you want to change the terms of your loan. However, there are costs associated with refinancing, so it’s important to weigh the benefits and costs carefully.
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