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
A lender that holds the loans it originates in its portfolio rather than selling them. ...
A loan with no down payment. ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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 ...
The definition of a reverse mortgage is important for homeowners 62 and older who want to supplement their retirement income. What exactly is a reverse mortgage? Some say that it is the ...
The standards imposed by lenders in determining whether a borrower can be approved for a loan. These standards are more comprehensive than qualification requirements in that they include ...
A mortgage lender or mortgage broker. ...
A term that small lenders sometimes use to distinguish themselves from mortgage brokers. ...
A borrower who must use tax returns to document income rather than information provided by an employer. ...
Have a question or comment?
We're here to help.