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
An agreement occurring from actions of those impacted, but not communicated in writing or orally. For example, it is presumed that a real estate agent will perform his or her obligations ...
An agreement by which a mortgage is made subject to a junior mortgage. For example, a loan on a vacant lot is made subject to a subsequent construction loan. ...
Said of property that is bought subject to the existing loan against it. ...
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
Precisely the optimum location for a retail business establishment in an urban central business district (CBD). A one-hundred-percent-location normally is a square block or intersection in ...
(1) Method of measurement lumber using the board foot cubic measure. The board measure is used to estimate quantities and prices of lumber materials. (2) Method of estimating lumber ...
Lienholder's statement as to the unpaid balance on a trust deed note. ...
Local group of real estate brokers who are members of the State and National Board of REALTORS®. Meets regularly with their membership and helps determine licensing requirements as well as ...
Same as term lateral support: The right of a landowner to have lateral land support from adjacent properties. The right of lateral and subjacent support means that an adjacent land owner ...
Have a question or comment?
We're here to help.