Sentences with phrase «pay protect the lender in case»

Some require mortgage insurance — the premiums you pay protect the lender in case you default.

Not exact matches

PMI protects the lender in case of default, but the premiums are paid by the borrower.

As a borrower you would need to pay mortgage insurance to protect the interest of the lenders in case of defaults.

If a 20 percent down payment is not made, lenders usually require the homebuyer to purchase private mortgage insurance (PMI) to protect the lender in case the homebuyer fails to pay.

If your loan is greater than 80 percent of the value of the property, you will probably have to pay for mortgage insurance that protects the lender in case you default.

Because mortgages with smaller down payments pose a greater risk for the lender, they require the borrower to pay for mortgage insurance, which protects the lender in case of default.

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

Typically, if you put down less than 20 % on a property, your lender will also require you to pay for private mortgage insurance (PMI) which protects the lender in case you default.

The solution banks and lenders offer is a program claiming to protect your family in case of an unexpected tragedy by paying off your home mortgage loan.

In cases where the sale of the home is not enough to pay back the reverse mortgage, the insurance protects the borrower or estate from owing more than the sale price by covering losses incurred by the lender.

Private mortgage insurance protects your lender in case you default on your home loan — and you have the privilege of paying for that protection.

If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay.

If a 20 % down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay.

Because an FHA loan doesn't have the strict standards of a conventional loan, it is required for the buyer to pay for two different mortgage premiums to protect the lender in case of default:

Also referred to as PMI, it is insurance you pay to protect the lender in case you default on the home loan.