What does PMI mean? Read on to discover the definition & meaning of the term PMI - to help you better understand the language used in insurance policies.
Private Mortgage Insurance (PMI) is a policy that a financial institution requires of a borrower who has paid lower than 20% for the purchase of a home and is borrowing money to pay the home in full. This is meant to protect the lending financial institution.
We hope the you have a better understanding of the meaning of PMI.