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.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z