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  Private Mortgage Insurance (PMI) Definition
Private Mortgage Insurance (PMI) Insurance meant to protect a lender from financial loss if a loan holder were to default on a home loan. If you do not put a down payment of at least 20 percent towards your home purchase, your lender will require you to purchase private mortgage insurance. Loans like FHA and VA loans will not require you to take out a loan from a private insurance company since these loans are insured by the government.

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