Definitions for "mortgage insurance"
Keywords:  pmi, mip, default, ltv, waive
Insurance protecting a lender against loss from a mortgagors default. Issued by the FHA or a private mortgage insurer.
An insurance premium paid by the borrower, (CMHC or Genworth Financial Canada) which protects the lender against loss due to default by the borrower. Also referred to as NHA (National Housing Act) insurance.
Insurance purchased by the borrower to partially protect the lender against loss if the borrower defaults. Normally required for loans with an LTV greater than 80% (20% down). FHA loans and most first buyer programs require mortgage insurance regardless of the LTV. Insurance purchased for non-FHA loans is commonly called PMI (Private Mortgage Insurance). Some large lenders self-insure and do not require the buyer to purchase PMI, the interest, however, rate may be slightly higher. Normally, mortgage insurance may be dropped when the LTV drops below 80%.
Keywords:  piti, fee, origination
Origination Fee PITI
Keywords:  amortization, negative, note
Mortgage Note Negative Amortization