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
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loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of ...
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Arrangement the insured and insurer share on a proportional payment for a loss. ...
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