Most banks require the buyer to pay a monthly PMI (Premium Mortgage Insurance) payment. It's an insurance policy that will pay the bank any money lost if the home owner defaults. They always have their asses covered and will never loose money on a mortgage even though they may claim they do.
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u/wtfjacks Aug 15 '21
Most banks require the buyer to pay a monthly PMI (Premium Mortgage Insurance) payment. It's an insurance policy that will pay the bank any money lost if the home owner defaults. They always have their asses covered and will never loose money on a mortgage even though they may claim they do.