by Susan Reynolds
PMI is required for smaller down payments.
Find out the loan-to-value, or LTV, ratio of your house. The "L" is the amount of money you are borrowing versus the "V," or the value of your home. For example, if your home is worth $500,000 and you only put down $50,000, then you owe the mortgage company $450,000. Find the LTV ratio by dividing the loan amount by the home's value. Then multiply the answer by 100. 450,000 / 500,000 = 0.9 0.9 X 100 = 90 percent LTV
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