PMI

(redirected from Private Mortgage Insurance)
Also found in: Medical, Financial, Acronyms.

PMI

abbreviation for
1. (Insurance) private medical insurance
2. (Social Welfare) private medical insurance
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References in periodicals archive ?
Radian helps borrowers who are not able to make a 20% down payment purchase a home by providing private mortgage insurance that helps protect lenders from default-related losses.
Private mortgage insurance is typically required on mortgages with a loan-to-value (LTV) ratio of more than 80 percent.
Particularly for borrowers with very good credit, private mortgage insurance can work very well," he said.
Fannie Mae and Freddie Mac are required by their charters to purchase private mortgage insurance or one of two other seldom-used forms of credit enhancement on all loans with a loan-to-value ratio above 80%, Zimmerman said.
Private mortgage insurance (PMI) generally is required by lenders whenever a buyer's down payment is less than 20 percent of the purchase price of the house.
8) Consequently, because private mortgage insurance may cost less, lower-risk borrowers who qualify for privately insured loans tend not to use FHA programs.
But California is one of eight states - New York, Minnesota, Hawaii, Maryland, Connecticut, Missouri and Texas are the others - that already have laws dealing with private mortgage insurance.
One type of insurance is private mortgage insurance (PMI), which affords some protection to the lender if a homeowner defaults on a conventional mortgage.
The legislation also includes technical corrections to the private mortgage insurance (PMI) cancellation and disclosure law.
The House approved a bill Tuesday to automatically cancel private mortgage insurance when it is no longer needed, a move that could save many homeowners hundreds of dollars a year.

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