Friday, May 18, 2012    
 
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 The Mortgage Dictionary is available to assist you with terms you may be unfamiliar with in the mortgage industry. We have provided the most commonly used terms. If you need assistance with a term or any other questions, please contact a loan officer or please send us an email and we'll be happy to assist.

Private Mortgage Insurance (PMI)

Private Mortgage Insurance, provided by private carrier that protects a lender against a loss in the event of a foreclosure and deficiency. It is required on all conventional loans with less than 20% down payment.