Our Mortgage Rate Relief Program is back! For a limited time, eligible homebuyers may qualify for rates up to 1.5% lower than current market rates. Learn how >

Private Mortgage Insurance (PMI)

Definition

Insurance offered by a PMI company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI for a loan with a loan-to-value percentage more than 80%, and the borrower pays the premium.