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Medical Insurance
Health insurance is a type of insurance
whereby the insurer pays the medical costs of the insured if
the insured becomes sick due to covered causes, or due to
accidents....
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Auto Insurance
Vehicle insurance (or auto insurance, car
insurance, motor insurance) is insurance people can purchase for
cars, trucks, and other vehicles. Its primary use is to provide
protection against losses incurred as a result....
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Mortgage Insurance
Mortgage Life Insurance refers to an insurance
policy that guarantees repayment of a mortgage loan in the event
of death or, possibly, disability of the mortgagor...
...read more |
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| Mortgage Insurance |
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| Mortgage Life Insurance refers to an
insurance policy that guarantees repayment of a mortgage loan in
the event of death or, possibly, disability of the mortgagor.
Private Mortgage Insurance (PMI) refers to protection for the
lender in the event of default, usually covering a portion of
the amount borrowed. There are Government loan products that
also include a Mortgage Insurance Premium (MIP), essentially the
government equivalent of PMI. For example, Mr. Smith obtains a mortgage loan that exceeds 80%
of his property's value and/or sale price. Because of his
limited equity, the lender requires that Mr. Smith pay for
mortgage insurance that protects their institution against his
default. To obtain a mortgage loan insured by the Federal
Housing Administration, Mr. Smith must pay a mortgage insurance
premium (MIP) equal to 1.5 percent of the loan amount at
closing. This premium is normally financed by the lender and
paid to FHA on the borrower's behalf. Depending on the
loan-to-value ratio, there may be a monthly premium as well. |
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