PMI. Mortgage insurance provided by nongovernment insurers that protects a lender against loss if the borrower defaults. Many lenders require a a borrower to purchase private mortgage insurance if the loan they are taking out is 80% or higher of the value of the real estate. In most cases, once the borrower has paid back enough of the loan so that it is less than 80% of the value, the borrow is no longer required to purchase this insurance. Private mortgage insurance has benefits for both borrower and lender; the lender is now protected against default, and the borrower is able to secure a loan with a smaller down payment. also called lender's mortgage insurance.
Related information about Private Mortgage Insurance:
- PMI - The Federal Reserve Bank of San Francisco
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words ...
- The basics of private mortgage insurance (PMI)
Jun 1, 2001 ... Private mortgage insurance enables borrowers to obtain a larger loan amount because the lender is protected against default. This articles ...
- Lenders mortgage insurance - Wikipedia, the free encyclopedia
Lenders mortgage insurance (LMI), also known as private mortgage insurance ( PMI) in the US, is insurance payable to a lender or trustee for a pool of securities ...
- Cancellation of Private Mortgage Insurance: Federal Law May Save ...
Apr 24, 2009 ... If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the ...
- Cost of Private Mortgage Insurance
However, the premium structure for private mortgage insurance (PMI) has changed considerably, and a homeowner's familiarity with this change in PMI can ...
- Private Mortgage Insurance (PMI) Definition | Investopedia
A policy provided by private mortgage insurers to protect lenders against loss if a borrower defaults. Most lenders require PMI for loans with loan-to-value (LTV) ...
- PrivateMI.com - Mortgage Insurance Companies of America
Qualified families with low down payment mortgages can deduct their private mortgage insurance (PrivateMI) premiums for homes they purchase or refinance.
- What Is Private Mortgage Insurance (PMI) - How to Avoid Paying It
Learn more about private mortgage insurance (PMI) - including what it is, how it's calculated, and who it's for. Find out how to avoid paying it and save.