Mortgage Insurance: A kind of insurance policy that will pay off the mortgage balance in the event of death, and in some policies, disability. Premiums are paid with the regular monthly mortgage payment.

 

Related Words

Mortgage Insurance: A kind of insurance policy that will pay off the mortgage balance in the event of death, and in some policies, disability. Premiums are paid with the regular monthly mortgage payment.

Federal Housing Administration Mortgage: Federal Housing Administration (FHA) mortgages, which are made by private lenders, resemble conventional mortgages in many ways, but there are some significant differences. An FHA mortgage i . . . View Full Definition

Private Mortgage Insurance: Private Mortgage Insurance (PMI or MI)- Insurance required to be paid for by the borrower to protect the lender in the event payments are not made on time; most often required when the loam . . . View Full Definition

Private Mortgage Insurance (PMI): When you buy a home with a down payment of less than 20% of the purchase price, your lender may require you to buy private mortgage insurance (PMI), which protects the lender against the ris . . . View Full Definition

Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year.

Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute.

Mortgager: The borrower of a loan secured by property.

Multiclass Mortgage Securities: Short- and long-term mortgage securities, with or without pass-through privileges.

Mortgagee: In a mortgage transaction, the party who receives and holds a mortgage as security for a debt, the lender. A lender or creditor who holds a mortgage as security for payment of an obligation.

Multiple Peril Insurance: Insurance policy that covers a wide variety of property damage.