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
A line on a map or drawing showing equal ground elevation points. See also contour map. ...
When we think of rural property or rural real estate, most of us think of farms, properties with large areas designated to agricultural land. That’s how rural communities generally ...
A deed in which two or more people in an indenture agreement have reciprocity and obligations toward each other. ...
Recording an expenditure having a benefit of more than one year to the cost of the property. ...
Gradual deterioration of land due to nature such as because of floods, hurricanes and storms. Gradual decline in the value of real estate because of poor market and economic conditions. ...
A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. A violation of an injunction could lead to a contempt of court citation. ...
An insurer who researches the title to real estate for the purpose of discovering any unknown liens or encumbrances on the property that may have come into effect before the current ...
Fan with an opening to the outside air that lets stale or hot air exit the structure; usually used in a kitchen when cooking or in a bathroom that does not have a window. It is used for ...
An opening with a hinged cover allowing access from one level to another in a structure. Often installed in a roof or the floor of a building to allow the entrance of people and materials ...
Have a question or comment?
We're here to help.