Mortgage Guarantee Insurance Company (MGIC)
Definition of "Mortgage Guarantee Insurance Company (MGIC)"
Private company established in 1957 and headquartered in Milwaukee, WI, providing private mortgage insurance (PMI) to mortgage lenders granting mortgages to mortgagors not having at least a 20% down payment upon application. MGIC indemnifies the mortgage lending company should the mortgagor go into foreclosure because of a default. The cost of PMI is included in the closing costs by the mortgagee.
Popular Real Estate Terms
Helps in supporting a building. ...
Loan with a significant down payment with the balance being paid in equal periodic payments over a short time period. There is no interest charge. An example is when a seller of real ...
Amount a manger of real estate receives for his efforts. For example, a manger is to receive 2% of rentals collected as compensation from the landlord to manage the property. If the ...
real property located in a metropolitan, heavily populated area. ...
Undeniably, some terms can make your head spin if you dive into real estate for the first time. Today, we’re breaking down a key term: Realtor Associate. It sounds official, ...
The definition of a testator in real estate is an individual who makes or leaves a valid will detailing how their possessions are to be divided or distributed among their heirs. The ...
Financing source for new real estate business or turnaround ventures that usually combine much risk with potential for high return. There are various stages of venture capital, such as ...
So, after you discovered what a Home Appraisal is, you want to know more about the person responsible for it: the famous Appraiser.Good for you!The Appraiser is a certified individual ...
The Grandfather Clause is an intriguing financial and real estate term. It defines a provision in a traditional policy that exempts an individual or business engaged in any activity under a ...
Have a question or comment?
We're here to help.