Sentences with phrase «pmi guarantees the lender»
Not exact matches
Homeowners» Insurance: Required for all mortgage loans, protects the home from damage and theft Owner's Title Insurance: Optional policy ensuring the title will not be subject to a claim of ownership, lien or other encumbrance Private Mortgage Insurance (PMI): Required by most lenders when the down payment is less than 20 % Federal Housing Administration (FHA) Mortgage Insurance Premium: Required on all FHA loans Mortgage Life Insurance: Optional policy that protects family and estate by paying off the loan in case of death Disability Insurance: Optional policy that guarantees loan payments will be made in case of disability
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Since there is a government guarantee to the mortgage lender provided by the VA, the VA loan allows veterans 100 % financing without private mortgage insurance (PMI) or 20 % second mortgage.