Private Mortgage Insurance,
How Do You Define Private Mortgage Insurance?
Private Mortgage Insurance definition is:
Private mortgage insurance (also called PMI) is required when buyers pay 20% or less on their mortgage. This insurance protects the lender if the borrower cannot repay the personal loan.
Insurance from a private insurance company that protects the bank from losses on non-performing loans up to the policy limit (usually 20 to 25% of the loan amount). PMI is generally limited to loans with high debt to value (LTV) ratio. The borrower pays the premium. See questions about private mortgage insurance.
This type of insurance is necessary for mortgage lenders when buying a home when the buyer has less than 20% of the value of the home. Relevant fees are included in the mortgage payment and can be waived after the buyer pays the equivalent of 22% of my value.
Literal Meanings of Private Mortgage Insurance
Private:
Meanings of Private:
(A person) who does not hold any official or public function or position.
Synonyms of Private
personal, infantryman, troopie, swaddy, foot soldier, ranker, swad, privately owned, non-state-run, commercial, squaddie, non-state-controlled, exclusive, GI, private soldier, privatized, jawan, Tommy Atkins, individual, trooper, buck private, poilu, sapper, denationalized, particular, non-public, Tommy, special, one's own, digger
Mortgage:
Meanings of Mortgage:
A legal agreement in which the bank, the lender, etc., pays interest on the property of the debtor in return for the ownership of the property, provided that the transfer of the property ceases after the repayment of the loan.
Assignment (property) to lenders as collateral for loans.
Insurance:
Meanings of Insurance:
An agreement in which the company or state guarantees compensation for certain losses, injuries, illnesses or deaths in return for certain premiums.
Something that protects against possible accidents.
Sentences of Insurance
Jacket hanging behind the seat, protected from air conditioning
Synonyms of Insurance
warranty, surety, shelter, immunity, preventive measure, protection, precaution, guarantee, indemnification, provision, cover, indemnity, defence, assurance, backstop, security, safeguard, (financial) protection, safety measure
