Business / Loan / Homeowners Hazard Insurance: Homeowner's or Hazard Insurance is insurance required to protect the mortgage lender against possible damage to your home. It can also protect the borrower. A borrower must obtain this insurance and bring proof of its existence to the loan closing.
Hazard Noun Synonyms: peril, danger, risk, endangerment, threat, jeopardy
Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
Business / Real Estate / Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year. MORE
Business / Finance / Mortgage Life Insurance: A life insurance policy that pays off the remaining balance of the insured person's mortgage at death. MORE
Business / Real Estate / Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute. MORE
Business / Loan / Mortgage Insurance (PMI Or MI): Insurance that may be required when a loan is greater than 80% of the value of the home. This insurance protects the lender in the event a borrower fails to make his or her loan payments. The borrower MORE
Business / Real Estate / Mortgage Insurance: A kind of insurance policy that will pay off the mortgage balance in the event of death, and in some policies, disability. Premiums are paid with the regular monthly mortgage payment. MORE