What is the definition for mortgage insurance?

Answer There are two types of mortgage insurance on the market, private mortgage insurance (PMI) and mortgage protection insurance. Private mortgage insurance favors the lender, whereas mortgage protectio... Read More »

Top Q&A For: What is the definition for mortgage insurance

Can a Bank Require Mortgage Insurance on a VA Mortgage?

Private mortgage insurance is a type of insurance product that most homeowners are forced to purchase in order to protect their lender. This insurance coverage is required in case the borrower goes... Read More »

What is the definition of mortgage foreclosure?

A mortgage foreclosure occurs when a lender takes legal possession of a property because a borrower has become delinquent in his mortgage payments. It is the option of last resort for most lenders.... Read More »

What is the definition of a reverse mortgage?

A traditional mortgage is one in which a bank or other lender purchases your home on your behalf and you pay them back over a period of time. As you pay back the loan, you increase the home equity ... Read More »

What is the definition of a jumbo mortgage?

When you apply for a mortgage, the amount you are seeking to borrow will determine whether you are able to get a conventional mortgage or if you will need a jumbo mortgage. Jumbo mortgage have high... Read More »