Private mortgage insurance
From Ask in Wiki
Private mortgage insurance - Insurance to protect the lender in case the borrower defaults on his/her loan. The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.
Usually required on all loans with an "LTV" of more than 80%. Although the payments for PMI are included in your mortgage payment, it protects the lender should you default on the loan. On FHA loans, you will pay a MIP (Mortgage Insurance Premium) which accomplishes the same purpose.
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