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private mortgage insurance (PMI) - Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent but it does vary from lender to lender. If you can, Mr. Thrifty strongly advises that you avoid PMI as it is expensive and you are not getting a lot from it. About Mr. Thrifty: Mr. Thirfty's goal is to help others make the most out of their financial resources through education, suggestions and humor. If you like what you see, tell your friends about Mr. Thrifty!
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