Focus on the pronunciation of PMI
English definition of “PMI”
› [U] INSURANCE abbreviation for Private Medical Insurance: medical insurance that you pay to use, rather than using the public health system: PMI means that if you suffer an acute illness you can get treatment at a time and place that suit you.
› [U] INSURANCE US abbreviation for Private Mortgage Insurance: a type of insurance in the US that is paid by someone borrowing money to buy a house. The insurance protects the lender against a fall in the value of the house if the borrower cannot pay back the loan: A $500,000 mortgage may come with a monthly PMI bill of $250. → Compare MIP