Insured Mortgage
Definition of "Insured mortgage"
Same as term insured loan: A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage insurance. In the event of the death or default of the borrower, the mortgage insurance policy will either pay the mortgage principal entirely, or continues making payments.
Popular Real Estate Terms
Bond collaterized by real assets. Two kinds of mortgage bond are senior mortgages and junior mortgages. A mortgage bond may have a closed-end provision that prevents the firm from issuing ...
Deed used to convey property back to the original property owner. Normally a reconveyance deed is issued upon the satisfaction of a property's mortgage. ...
Land parcel bounded by two intersecting roadways. ...
Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Penalty charge in order to cure a previous wrong. ...
Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. These expenditures include ...
Legally executed and witnessed document giving another the power to act as one's attorney or agent in handling real estate dealings. The power may be general or specific. The power of ...
Individual engaged in selling a product or service. The product may be an investment in real estate. In some instances, state law may require licensing to safeguard the public by requiring ...
Fibrous, fire-proofing material that was used in buildings and homes for insulation. ...
Have a question or comment?
We're here to help.