Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

PMI

Read a random definition: serendipity doctrine

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
soapy
10:26
Or another essay?
10:30
i'll allow it
soapy
10:31
<3 thanks Fart Butt
1a2b3c4d26z
10:31
If I get rejected by a school bc I check my statuses during work then it wasn’t meant to be
10:32
cautionary tail re reddit posts: https://www.youtube.com/watch?v=5jZAQAuqSfs
How else will they know we fuck
Need to know aboot 6 pack abs
How many 666 people apply?
lolololol
LSD+ is ad-free, with DMs, discounts, case briefs & more.