Mortgage Glossary Term
Borrower paid mortgage insurance (BPMI)
A limited insurance instrument that provides protection against financial loss, in which the cost of the mortgage insurance is added to the monthly mortgage payment. Borrowers have the right to request a cancellation of BPMI when the loan-to-value ratio reaches 80% of the original value. When the loan-to-value ratio reaches 78% of the original value, BPMI will be automatically terminated.
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