Finance
In a conventional mortgage, private mortgage insurance (PMI) is typically required when the loan-to-value ratio exceeds:
A70%
B75%
C80%✓ Correct
D90%
Explanation
Lenders typically require PMI when the borrower's down payment is less than 20%, meaning the LTV exceeds 80%. PMI protects the lender—not the borrower—against default.
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