PMI

Definition of "PMI"
  1. Private mortgage insurance: insurance that a borrower pays when they cannot afford a conventional 20% down payment on a mortgage
How to use "PMI" in a sentence
  1. The borrowers had to pay PMI since they were unable to make a 20% down payment.
  2. The financial advisor recommended that they budget for PMI in their mortgage calculations.
  3. With PMI, the couple was able to buy a house despite not having a full 20% down payment.

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