Private Mortgage Insurance

# Insurance to protect the lender in case the borrower defaults on his/her loan.

# Mortgage insurance that protects lenders from a loss if the buyer defaults.

# Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.

# Insurance provided by a private company helping to protect the mortgage lender against mortgage default. Generally, this insurance is required by the lender when the down payment is less than 20'% of the properly value. The tender requires the borrower to pay the insurance premiums.

# In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment - as low as 5 percent in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on you loan's structure.

# protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.

# Insurance provided by a non-governmental insurer that protects lenders against a loss if a borrower defaults. Usually required on all loans with an "LTV" of more than 80%.

# Insurance written by a private mortgage insurance company protecting the mortgage lender against loss occasioned by a mortgage default and foreclosure.

# Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.

# Monthly insurance cost which borrowers must pay on loans which exceed 80% of the home’s value

# Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.

# This is insurance that protects a mortgage lender against default on a loan. Generally, if the down payment on a mortgage loan is less than 20%, private mortgage insurance is required.

# Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults.

# May be required by your Lender if the loan you apply for cannot be granted because the loan does not meet the normal standards for the Lender. The most common reason for this requirement is a smaller down payment than the Lender usually requires which is around 20%. This insurance protects the Lender from loss if the Borrower defaults. It does not protect the Borrower, though it may allow the Borrower to qualify for a loan they could not otherwise get. ...

# Insurance issued to a lender to protect it against loss on a defaulted mortgage loan. Its use is usually limited to loans with high loan-to-value ratios, generally in excess of 80%. The borrower pays the premiums.

# Required on virtually all conventional loans with less than 20% downpayment. Although the payments for PMI are included in your mortgage payment, it protects the lender should you default on the loan. On FHA loans, you will pay a MIP (Mortgage Insurance Premium) which accomplishes the same purpose.

# An insurance policy the borrower buys to protect the lender from non-payment of the loan. Private mortgage insurance policies are usually required if you make a down payment that is below 20% of the appraised value of the home.

# Paid by a borrower to protect the lender in case of default. PMI is typically charged to the borrower when the Loan-to-Value Ratio is greater than 80%.

# Protection for lenders against borrower default. Paid for by the borrower and usually required when the down payment is less than 20% of the purchase price.

# Insurance written by a private company protecting the mortgage lender against a financial loss in the event of mortgage default by the borrower for loans with high LTV ratios. PMI is generally required of a borrower whose down payment is less than 20% of the total loan.

# A type of insurance which protects the lender in the event the borrower defaults on the loan. PMI is generally required where a borrower is unable to produce a down payment equal to at least 20% of the total purchase price. The premium for PMI is paid by the borrower and is included in each monthly mortgage payment.

# (PMI): Insurance the buyer carries to guarantee that the lender is paid off if the buyer defaults (fails to pay) on a mortgage. This is different from homeowner's insurance. It is generally required for all mortgages with less than a twenty percent down payment. The exact amount depends on the amount of the loan and the size of the down payment.

# Insurance guaranteeing the payment of a loan. This type of mortgage insurance is normally charged when the loan exceeds 80% of the property value.

# Insurance written by a private company protecting the lender against financial loss if the borrower defaults on the mortgage.

# A form of insurance required by a lender when the borrower's down payment or home equity percentage is less than 20 percent of the home value. This insurance partially protects the lender if the borrower defaults on the loan.

# PMI is Private Mortgage Insurance. It is generally required in the U.S. for home loans which are greater than 80% of the purchase price of the home. PMI can be avoided by receiving an alternate form of housing such as an 80/20.