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by beambot
2066 days ago
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At the time of origination, residential mortgages will have limits on the equity-debt ratio. If you fall below a certain threshold (e.g. sub-20% downpayment) your lender may require you to carry private mortgage insurance (PMI). If your home's value were to fall substantially, your equity-debt ratio could be pushed below the threshold -- e.g. if tax assessments were updated. I've never heard of situations that have re-triggered PMI... but it doesn't seem outside the realm of possibility. |
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