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What Is the Down Payment?
January 21, 2002 "My understanding is that if a home buyer puts 20% down, he doesn?t have to purchase mortgage insurance. I put 20% down -- $48,000 on a $240,000 home purchase ? but I?m told that I do have to buy mortgage insurance because I elected to finance $6,000 in ... more... Qualifying For a Mortgage December 12, 2000 Most potential borrowers are nervous about getting a mortgage loan because they share a widespread misperception: the misperception is that they have no bargaining power relative to lenders, and therefore must approach them ... more... |
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purchase property mortgage home loan insurance related definitions |
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FHA Mortgage Insurance
FHA Mortgage Insurance It is insurance from FHA to the lender against incurring a loss on account of the borrower's default. Paid if FHA loan LTV is higher than 80%. Also known as MIP - Mortage Insurance Premium. By insuring the loan the Federal Government agrees to repay ... more... MIP, Mortgage Insurance Premium MIP, Mortgage Insurance Premium It is insurance from FHA to the lender against incurring a loss on account of the borrower's default. Paid if FHA loan LTV is higher than 80%. Also known as FHA Mortgage Insurance. By insuring the loan the Federal Government agrees to repay ... more... |
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