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LSDefine

Simple English definitions for legal terms

PMI

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A quick definition of PMI:

PMI: Private Mortgage Insurance is a type of insurance that protects the lender if the borrower can't pay back their mortgage loan. It's usually required when the borrower has a conventional loan and puts down less than 20% of the purchase price of the house. With PMI, the borrower can put down a smaller down payment, but they have to pay for the insurance.

A more thorough explanation:

PMI stands for private mortgage insurance. It is a type of insurance that protects the lender if the borrower fails to repay the loan. PMI is usually required by the lender when the borrower has a conventional loan with a down payment of less than 20% of the purchase price of the house.

Let's say you want to buy a house for $200,000. If you have less than $40,000 (20%) for a down payment, the lender will require you to purchase PMI. With PMI, you may only need to make a down payment of 10%, 5%, or even less.

This means that if you default on the loan, the lender will be protected by the PMI policy and will be able to recover some of their losses. However, PMI does not protect the borrower in any way.

Overall, PMI is a way for borrowers to get a mortgage with a lower down payment, but it comes with an additional cost. It is important to understand the terms and conditions of the PMI policy before agreeing to it.

Plyler v. Doe (1982) | Pocket part

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shaquilleoatmeal
23:17
Nvm I found it
shaquilleoatmeal
23:20
Sounds like someone’s playing the qanun?
JumpySubsequentDolphin
23:23
perhaps
JumpySubsequentDolphin
23:23
the lyrics are chefs kiss
shaquilleoatmeal
23:29
Tell me what it translates to tomorrow, I gotta sleep, Laylah sa'eedah 😴
JumpySubsequentDolphin
23:31
tusbihun ‘ala khair
HELLO ALL
whos awake \
JumpySubsequentDolphin
23:42
hi SPLITTY!!!
HIII DOLPHYY
stanford finally sent me a status checker tomight
do yall know if "Your file has been submitted for review" just means under review
Dkk
0:08
@SplitterusClitterus: really depends on the school. Could mean they have just received it. Could be it is under review. Could mean they already have a decision for you. For Stanford, idk.
Mmm ok thank you
JumpySubsequentDolphin
1:19
my friend JUST sent me that omg
JumpySubsequentDolphin
1:19
also @renard that shows your IG handle
JumpySubsequentDolphin
1:20
I assume you don’t want to doxx yourself 😧
JumpySubsequentDolphin
1:20
if we send enough messages it will stop showing the message tho!!!!!!!!
JumpySubsequentDolphin
1:21
@renard99: come back and spam messages I only have so many left 😔
JumpySubsequentDolphin
1:23
. . .
Dkk
1:49
@renard99: you shared a post a good friend of mine had liked. Lmfao but respect +1
Dkk
1:49
I laughed at it too +1
1:50
Damn lol
1:50
Follow me brah
JumpySubsequentDolphin
2:01
I followed you
JumpySubsequentDolphin
2:01
don’t dox me ☹️
2:06
Nw I won’t dox you 😎
JumpySubsequentDolphin
2:07
don’t judge my feed either I’m bad at Instagram :/
3:17
has anyone here worked for a DAs office during the school year
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