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 »

The Definition of a Gap Mortgage?

A gap mortgage, referred to as a Consolidation, Extension and Modification Agreement (CEMA), is a financial tool that acts as an interim loan. This interim loan allows for easier transfer of proper... Read More »

Definition of Conforming Mortgage?

A conventional, or conforming, mortgage is the most common non-government mortgage product. This type of mortgage falls below the "jumbo" mortgage limit, which varies by area, but is typically $417... Read More »

What is the definition of a mortgage company?

A mortgage company operates to lend funds to borrowers to purchase or refinance a home or investment property. Additionally, the company manages the loan servicing until the end of the loan.Signifi... Read More »