Mortgage Insurance
Definition of "Mortgage Insurance"
Insurance provided the lender against loss on a mortgage in the event of borrower default. In the U.S., all FHA and VA mortgages are insured by the federal government. On other mortgages, the general practice is to require mortgage insurance from a private mortgage insurer when the loan amount exceeds 80% of property value. Borrowers pay the insurance premium in all cases.
Popular Mortgage Terms
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
Fees collected by a loan officer from a borrower that are lower than the target fees specified by the lender or mortgage broker who employs the loan officer. An underage is the opposite ...
A plan purporting to protect FHA homebuyers against property defects. ...
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
A lender that provides loans through mortgage brokers or correspondents. ...
A revers mortgage program administered by Fannie Mae. ...
The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
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