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• Insurance purchased by a buyer to protect the lender in the event of default. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is generally maintained until over 20 Percent of the outstanding amount of the loan is paid or for a set period of time, seven years is normal. Mortgage insurance may be available through a government agency, such as the Federal Housing Administration (FHA) or the Veterans Administration (VA), or through private mortgage insurance companies (PMI).

  US Department of Housing and Urban Development - Cite This Source - This Definition
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  Cite Definition for Private Mortgage Insurance (PMI)

  American Psychological Association (APA)

  Private Mortgage Insurance (PMI). (n.d.). Homes & Communities Glossary. Retrieved March 28, 2023, from website: http://www.expertglossary.com/definition/private-mortgage-insurance-pmi.

  Chicago Manual of Style (CMS)

  Private Mortgage Insurance (PMI). www.hud.gov. Homes & Communities Glossary. US Department of Housing and Urban Development. http://www.expertglossary.com/definition/private-mortgage-insurance-pmi (accessed: March 28, 2023).

  Modern Language Association (MLA)

  "Private Mortgage Insurance (PMI)." Homes & Communities Glossary. US Department of Housing and Urban Development. 28 March. 2023 http://www.expertglossary.com/definition/private-mortgage-insurance-pmi.

• See: mortgage insurance.

  Ginnie Mae - Cite This Source - This Definition
  ×

  Cite Definition for Private Mortgage Insurance (PMI)

  American Psychological Association (APA)

  Private Mortgage Insurance (PMI). (n.d.). Ginnie Mae Glossary of Terms. Retrieved March 28, 2023, from website: http://www.expertglossary.com/definition/private-mortgage-insurance-pmi.

  Chicago Manual of Style (CMS)

  Private Mortgage Insurance (PMI). ginniemae.gov. Ginnie Mae Glossary of Terms. Ginnie Mae. http://www.expertglossary.com/definition/private-mortgage-insurance-pmi (accessed: March 28, 2023).

  Modern Language Association (MLA)

  "Private Mortgage Insurance (PMI)." Ginnie Mae Glossary of Terms. Ginnie Mae. 28 March. 2023 http://www.expertglossary.com/definition/private-mortgage-insurance-pmi.

• Browse Related Terms: 203(b), Federal Housing Administration (FHA), FHA, Insured mortgage, Mortgage Insurance, Mortgage Insurance (MI), Mortgage insurance company, Mortgage Insurance Premium (MIP), PMI, Private mortgage insurance, Private Mortgage Insurance (PMI)

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