Posted by Michael Morrongiello on February 28, 2000 at 10:59:56:
This is the acronym for PRIVATE MORTGAGE INSURANCE. Its a form of insurance that insures lenders against the risk of loss for loans that represent a (LTV) Loan to Value of over 80% of the properties appraised value.
The premium for this insurance is passed on to the borrowers in the form of a small additonal monthly payment.
Michael Morrongiello