Private Mortgage Insurance (pmi)

Definition:   a special form of insurance used to insure all of the mortgage representing more than 80% of appraised value or purchase price

Pronunciation:   \ˈprī-vət\ \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\

Used in a Sentence:   Because we only put 10% down on the purchase of the house we were required to get PMI.

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