private mortgage insurance

noun

Legal Definition of private mortgage insurance

: insurance that a lender may require a borrower to purchase to cover losses in the event of default of a residential loan especially when the borrower is giving the lender a mortgage on property in which the borrower has less than 20 percent equity

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“Private mortgage insurance.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/private%20mortgage%20insurance. Accessed 1 Oct. 2020.

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