Mortgage Insurance
Definition of "Mortgage insurance"
Written by
Berkshire Hathaway HomeServices The Preferred Realty - South Suburban Regio
A form of life or disability insurance where a mortgagor insures a mortgage in the event of death or disability. The principal covered by mortgage insurance declines as the mortgage is amortized. Thus, mortgage insurance is a form of decreasing term insurance. For example, John purchased a home for $150,000 and obtained a $100,000 30-year mortgage to finance the purchase. He then obtained a $100,000 mortgage insurance policy with decreasing terms of coverage corresponding to the amortization rate.
Popular Real Estate Terms
Provision in an insurance policy that caps the insurer's liability by stipulating that the owner of the property that has experienced damage must have another policy that covers usually at ...
A land property estate contingent upon the occurrence or lack of occurrence of a particular event whereupon it can be created, augmented, or dismantled. ...
Insulation covered on each side by a material, such as metal. ...
Listing of property that is open, meaning there is no one real estate agent who has the sole right to sell the property. ...
Temporary financing meeting a developer's financial difference between a construction loan and a permanent mortgage. ...
Intent to deceive or never to carry out the provisions of an agreement. ...
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 ...
Analysis of a real estate sales data to appraise real estate values. Sources of real estate sales data used in the market data approach include the official records of deeds and leases ...
Tenant agrees to a replacement landlord. ...
Have a question or comment?
We're here to help.