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Confirm payment options. With a lapse on your record, the insurance company may want a down payment or allow the policy to be billed to your mortgage company. If the carrier invoices the lender ...
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
This is accomplished by adding a mortgagee clause to your homeowners insurance policy. For example, say you buy a house for $500,000 with a $100,000 down payment and a $400,000 mortgage. To ...
Payment protection insurance. Payment protection insurance ( PPI ), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy ...
The mortgage runs with the land, so even if the borrower transfers the property to someone else, the mortgagee still has the right to sell it if the borrower fails to pay off the loan. So that a buyer cannot unwittingly buy property subject to a mortgage, mortgages are registered or recorded against the title with a government office, as a ...
Mortgage insurance, also known as private mortgage insurance (PMI), is typically required for borrowers who make a down payment of less than 20 percent when purchasing a home.
Mortgage insurance. Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.