Definition of Private Mortgage Insurance (PMI). Mortgage insurance protects the mortgage lender against loss if a borrower defaults on a loan. Private mortgage.
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PMI financial definition of PMI – TheFreeDictionary.com – Private mortgage insurance (PMI). When you buy a home with a down payment of less than 20% of the purchase price, your lender may require you to buy private mortgage insurance (PMI), which protects the lender against the risk that you may fail to repay your loan.
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Private mortgage insurance (PMI) protects the lender in the event that you default on your mortgage payments and your house isn’t worth enough to entirely repay the lender through a foreclosure sale. Unfortunately, you foot the bill for the premiums, and lenders almost always require PMI for loans where the down payment is less than 20%.
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. than 20% of the purchase price and take on a conventional loan – i.e. not a governmental housing loan – must pay for private mortgage insurance (PMI). PMI basically protects the lender if the.
PMI costs between 0.5 percent and 1 percent of the original loan amount. The borrower may pay her premium monthly as bundled with her regular mortgage.
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PMI, also known as private mortgage insurance, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by the lender and provided by private insurance companies.