Finance
In Maryland, private mortgage insurance (PMI) is typically required until the borrower's equity reaches:
A10% of original value
B20% of original appraised or purchase value✓ Correct
C25% of current market value
D30% of original purchase price
Explanation
Under the Homeowners Protection Act, PMI must be cancelled when the borrower's equity reaches 20% of the original appraised or purchase value (whichever is lower).
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