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 triangular shaped end of a building where a double sloped roof meets at the top of the triangle. A gable begins at the eaves of a roof and terminates at the roof ridge. ...
Early American style 1 story house with a steep gable roof covered with shingles. The bedrooms are on the first floor, but the attic is often finished and made into additional bedrooms. ...
Local geographic area with similar characteristics. It may be referred to by name (e.g., Brooklyn Heights, Palisades) and have designated boundaries. There are major streets such as for a ...
Removal of a tenant from a portion of a rented or leased premise. ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
(1) Financial ability and soundness of a business or individual to afford the purchase of property. (2) Worth of the dollar in real terms considering inflation. ...
House design to be easily expandable. ...
The float has several meanings in the financial world and the real estate terminology. Typically, the float refers to the number of funds, represented by checks, that an institution or an ...
Defendants legal objection to the prima facie sufficiency of a judicial pleading. It is a motion to dismiss an action on the ground there is no apparent equity violation, the court has no ...
Have a question or comment?
We're here to help.