TermLoans & mortgages
PMI / CMHC insurance
Insurance protecting the lender (not you) when your down payment is small (PMI in the US, CMHC in Canada).
Watch out for this
It adds to your payment — avoidable with a larger down payment.
About this entry: short by design — every term in The Money Translator gets a one-sentence definition and a one-sentence reason to care. Some terms get deeper guides under the work.