Definitions for "P.M.I"
Private mortgage insurance. A policy that insures that the lender will recover a specific percentage of the loan amount from the insurance company in the event that the borrower defaults; is not backed by any government agency; is usually required when a down payment of less than 20% is put on real estate or a home purchased.
Private Mortgage Insurance. This is nothing more than an insurance policy that protects the lender against loan default. The borrower also pays this insurance policy. Since PMI is an insurance policy, its cost is not tax deductible. Sorry.
Private Mortgage Insurance. An insurance contract which insures that the named lender will re cover a specific percentage of the loan amount from the insurer in the event the loan goes bad. Many lenders require this on higher percentage loans.