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LSDefine

Simple English definitions for legal terms

mortgage-guarantee insurance

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A quick definition of mortgage-guarantee insurance:

Term: MORTGAGE-GUARANTEE INSURANCE

Definition: Mortgage-guarantee insurance is a type of insurance that helps mortgage lenders when they give loans to people who don't have enough money for a 20% down payment. The Mortgage Guarantee Insurance Company provides this insurance, and the cost is added to the closing costs.

A more thorough explanation:

Definition: Mortgage-guarantee insurance is a type of insurance provided by the Mortgage Guarantee Insurance Company to mortgage lenders. This insurance is granted to parties who have less than a 20% down payment. The cost of the insurance is included in the closing costs.

Example: Let's say you want to buy a house that costs $200,000. You have saved $30,000 for a down payment, which is only 15% of the total cost. The mortgage lender may require you to get mortgage-guarantee insurance to protect them in case you default on your loan. The cost of the insurance may be around $2,000, which will be added to your closing costs.

Explanation: This example illustrates how mortgage-guarantee insurance works. If you don't have enough money for a 20% down payment, the mortgage lender may require you to get this insurance. The insurance protects the lender in case you can't make your mortgage payments and default on your loan. The cost of the insurance is added to your closing costs, which is the amount of money you need to pay when you buy a house.

mortgage foreclosure | mortgage market

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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