Sentences with phrase «protect the lender in case of»

It protects the lender in case of default, but this added premium increases mortgage payments.

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

As an FHA loan, there is insurance required for two reasons: to protect the lender in case of borrower default and to ensure that the borrower continues to receive payments for the duration of the loan no matter what happens to the lender.

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.

Private mortgage insurance (PMI) is an insurance that protects lenders in case of a borrower default.

Unsecured by definition means there is no underlying tangible asset to protect the lender in case of borrower default.

This protects the lender in case of a default by the buyer.

Private mortgage insurance (PMI) is an insurance that protects lenders in case of a borrower default.

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:

A borrower buys private mortgage insurance to protect the lender in case of default.

PMI protects the lender in case of default on the loan.

Not exact matches

The UCC - 1 protects the interests of the lender in the case of borrower default or bankruptcy, in which said asset (s) would be foreclosed on, seized or sold off.

Your lender will likely require a loan policy to protect against its interest in the title in the case of a dispute.

Called FHA Mortgage Insurance Premium (MIP), this fee is a type of insurance that protect lenders against loss in case the home buyer can't make the payment.

This insurance will protect both you and your lender from suffering a financial catastrophe in the case of a fire or other damage to the home you have purchased.

While property insurance (aka homeowner's insurance) protects you in case of damage to your property, mortgage insurance is in place to protect the lender.

Mortgage interest actually protects the lender from the risk of default, but it's mandatory for borrowers themselves to cover this cost in most cases.

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

Conventional mortgage loans and FHA loans are two of the most popular types of home financing available, and their major difference comes down to insurance — FHA loans are backed by the government, meaning your lender is protected in the case that you default, whereas conventional loans do not provide the same security.

Secured Debt A debt that protects the lender from loss in the case of default by securing it with valuable property.

In many cases, lender's security interests are only protected to the extent they are consistent with the value of the collateral securing the loan.

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.

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

The main idea of this insurance is to protect you and your lender in case you have no ability to cover the loan.

This will protect the lender against loss of investment in case anything happens to the property.

First, always have a backup plan - get approved by as many banks or other lenders as possible to protect yourself in case one of them backs out.

The UCC - 1 protects the interests of the lender in the case of borrower default or bankruptcy, in which said asset (s) would be foreclosed on, seized or sold off.

Therefore, because lenders are protected in the case of default with this insurance, FHA loans typically have far more attractive terms for borrowers, such as lower down payments, reduced closing costs, and less rigid credit qualifications.

MORTGAGE DEFAULT INSURANCE A type of insurance which protects the mortgage lender in case the borrower defaults on the mortgage payments.

Called FHA Mortgage Insurance Premium (MIP), this fee is a type of insurance that protect lenders against loss in case the home buyer can't make the payment.

A type of insurance that protects the lender in case the borrower stops making monthly payments.

Homeowners insurance is a contract that protects both you and your lender in case of loss or damage to your property.

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 some cases, if you have taken out a large business loan or a mortgage on the building in which your business is owned, your lender may require you to carry a comprehensive commercial insurance policy to protect your business for the life of the loaIn some cases, if you have taken out a large business loan or a mortgage on the building in which your business is owned, your lender may require you to carry a comprehensive commercial insurance policy to protect your business for the life of the loain which your business is owned, your lender may require you to carry a comprehensive commercial insurance policy to protect your business for the life of the loan.

Typically, lenders require this insurance, along with liability and collision insurance, in order to have the asset protected in case of a total loss.

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.

Because the loan is insured by the FHA, the lender is protected in case of default.

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

Your lender usually requires this type of insurance that protects its interest in the loan in the case of a title defect and is known as a loan policy.

So, to protect lenders against potential loss in case of default, higher LTV loans (80 % or more) usually require a mortgage insurance policy.

Most lenders require a policy in conjunction with issuing the loan, which will protect the lender's interests in the case of a title dispute.

This premium protects mortgage lenders in case of borrower default.

This insurance will protect both you and your lender from suffering a financial catastrophe in the case of a fire or other damage to the home you have purchased.