👉 Sure, let's explore this quirky term with some humor!
Slang or Profane Word: Mortgage Without PMI Imagine a mortgage where the down payment is 0%, meaning you don't need to pay any closing costs such as a home appraisal fee, mortgage insurance premiums, or the like. In essence, there's no "PMI" (Personal Mortgage Insurance) for that transaction. Example Sentence: You were applying for a mortgage with your friend who didn't have PMI. He was all set for a 0% down payment, but she saw how much more affordable it would be to pay the closing costs herself, so she got an "Mortgage Without PMI" and made it happen. Explanation: This phrase is both absurd and unsettling because of its deep-rooted connotations. In mortgage terms, a "mortgage without PMI" means you're taking out a loan with no coverage for any types of insurance or closing costs, such as appraisal fees or the like. This practice isn't uncommon in certain sectors where the government or the lender is protecting borrowers against default risks but not requiring them to pay for their own mortgage security. This phrase often evokes fear, concern about the affordability and financial responsibility that comes with being a "mortgage without PMI" borrower. It's not only funny because it's an absurdity but also profoundly unsettling, as it suggests that under certain circumstances, some people may be making financial sacrifices to avoid
