Private Mortgage Insurance: Private Mortgage Insurance (PMI or MI)- Insurance required to be paid for by the borrower to protect the lender in the event payments are not made on time; most often required when the loam amount exceeds 80% of the purchase price.

 

Related Words

Private Mortgage Insurance: Private Mortgage Insurance (PMI or MI)- Insurance required to be paid for by the borrower to protect the lender in the event payments are not made on time; most often required when the loam . . . View Full Definition

Private Mortgage Insurance (PMI): When you buy a home with a down payment of less than 20% of the purchase price, your lender may require you to buy private mortgage insurance (PMI), which protects the lender against the ris . . . View Full Definition

Package Mortgage: A mortgage on a house and property in the house.

Owners Title Insurance: An insurance policy protecting the buyer for the amount of the purchase price in the event of a future title dispute.

Participating Life Insurance Policies: Life insurance that pays dividends to policyholders depending on the company's success as provided by few claims and profitable underwritings and investments.

Pension Mortgage: A personal mortgage is a type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is us . . . View Full Definition

Permanent Insurance: Permanent insurance is a life insurance policy that provides a death benefit as long as you live, or in some cases until you turn 100, provided you continue to pay the required premiums. Wit . . . View Full Definition

Open-End Mortgage: Mortgage against which additional debts may be issued. Related: Closed-end mortgage.

Participation Mortgage: A mortgage loan wherein the lender has a partial equity interest in the property or receives a portion of the income from the property.

Nonparticipating Life Insurance Policy: Life insurance policy whose policyholders do not receive dividends, because they are not participants in the interest, dividends, and capital gains earned by the insurer on premiums paid.