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	What is Mortgage Insurance?
		Mortgage insurance, also known as private (PMI) or lenders mortgage insurance (LMI), is an insurance policy protecting lenders from the potential default of borrowers.
		The policy is purchased by the lender, and the premiums are passed along to borrowers as a fee tacked onto the monthly mortgage payment.
		Mortgage insurance is typically required for mortgages for which the down payment is less than 20% of the purchased property's value.
	www.wisegeek.com /what-is-mortgage-insurance.htm (391 words)

	Lenders mortgage insurance - Wikipedia, the free encyclopedia
		Lenders Mortgage Insurance (LMI), also known as Private Mortgage Insurance (PMI), is insurance payable to a lender when taking out a mortgage.
		It is an insurance in the case that the mortgagor is not able to repay the loan, and the lender is not able to recover its costs after foreclosing the loan and selling the mortgaged property.
		If a borrower has less than the 20% downpayment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes referred to as a "piggy-back loan") to make up the difference.
	en.wikipedia.org /wiki/Lenders_mortgage_insurance (444 words)

	Mortgage Glossary
		Assumable mortgage: a mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.
		Balloon Mortgage: a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.
		Mortgage insurance: a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.
	www.homeownernet.com /articles/mortgageglossary.html (2773 words)

	Private Mortgage Insurance - Wikipedia, the free encyclopedia
		It has been suggested that this article or section be merged into Lenders mortgage insurance.
		Private Mortgage Insurance, or PMI, is generally required in the U.S. for home loans which are greater than 80% of the purchase price of the home.
		This is insurance that a lender requires due to the risk of a loan going in default.
	en.wikipedia.org /wiki/Private_Mortgage_Insurance (179 words)

	Mortgage Insurance
		Private mortgage insurance is insurance that protects a lender in the event that a homeowner defaults on a loan.
		Lenders generally require mortgage insurance on low downpayment loans because experience and studies show that a borrower with less than 20 percent invested in a house is more likely to default on a mortgage.
		Mortgage insurance is a type of insurance that helps protect lenders against losses due to foreclosure.
	www.aegisone.com /main/mortins.htm (508 words)

	ATO ID 2002/1116 - Borrowing costs - Lenders Mortgage Insurance
		A premium a borrower incurs for lenders mortgage insurance is deductible under section 25-25 of the ITAA 1997 as a cost of borrowing where taking out the insurance is a condition of obtaining approval for a bank loan and the loan is used to purchase an income producing asset.
		The lenders mortgage insurance premium is a payment to enable an income producing asset to be purchased and is to protect the bank from loss.
		As the lenders mortgage insurance expense exceeded $100 and the loan was taken out for a 10 year period, the taxpayer is entitled to a deduction spread over 5 years for the cost of the insurance under section 25-25 of the ITAA 1997.
	law.ato.gov.au /atolaw/view.htm?docid=aid/aid20021116/00001 (760 words)

	Why do people need Property Mortgage Insurance or PMI
		Without the guaranty of mortgage insurance, lenders normally require a borrower to make a down payment of at least 20% of a home's purchase price, which can mean years of saving for some borrowers.
		This large down payment assures the lender that the borrower is committed to the investment and will try to meet the obligation of monthly mortgage payments to protect his investment.
		Mortgage insurance fills the gap between the standard requirement of 20% down and an amount the borrower can more easily afford to put down on a purchase.
	www.wnyinsurance-quote.com /html/why_do_people_need_property_mo.html (747 words)

	Lenders Mortgage Insurance (Site not responding. Last check: 2007-10-14)
		Unlike other types of insurance that protect the payee or the payee's family in a time of need, lenders mortgage insurance is a special type of insurance that protects your mortgage lender, although you will be the one paying for it.
		To make sure that this insurance is paid on time, the mortgage company will often have you pay (at least a portion of) it at the time of settlement or work it into your monthly mortgage payments.
		Chances are if you have a bad history with previous lenders, your mortgage company may ask you to pay lenders mortgage insurance even with a 20% or greater deposit.
	www.mortgagemall.com.au /lmi.php (474 words)

	2nd Mortgage Lenders (Site not responding. Last check: 2007-10-14)
		The purpose of this loan and lender is to prevent the collapse of institutions that are experiencing financial difficulty, most often near collapse.
		The lender of last resort serves to protect depositors, widespread panic withdrawal, and otherwise prevent the damage to the economy caused by the collapse of the institution.
		The reasoning is that a lender of last resort provides a safety net to insulate the institution from the full consequences of their risk (although the fresh loan will not be underwritten the consequences of business failure can be hidden for longer by credit extensions through a lender of last resort).
	www.wwwtln.com /finance/0/2nd-mortgage-lenders.html (1135 words)

	Exxo - Lenders Mortgage Insurance (Site not responding. Last check: 2007-10-14)
		In the unlikely event of a claim by the lender, the insurer may seek recovery from you as the borrower, or any guarantor, for the balance of any loss outstanding.
		There is a common misconception that mortgage insurance is only applicable or required once borrowings reach or exceed a particular level.
		All loans are mortgage insured however the insurance premium becomes payable by the borrower once borrowings exceed certain ratios.
	www.exxoloans.com.au /index_general.asp?menuid=090 (257 words)

	Cost Of Buying - Lenders Mortgage Insurance Estimator - Your Mortgage
		Lender's mortgage insurance protects the lender in the event that you default on your loan and the outstanding value of your loan is greater than what they receive from selling the property.
		Lender's mortgage insurance is usually charged as a one-off premium and is calculated on a sliding scale.
		The estimate for lender's mortgage insurance is an estimate only and will depend upon the mortgage insurer, the individual risk of the borrower and the absolute loan size.
	www.yourmortgage.com.au /calculators/mortgage_insurance (220 words)

	Lenders Mortgage Isurance 101 (Site not responding. Last check: 2007-10-14)
		It is an insurance in the case that the mortgagor is not able to repay the loan, and the lender is not able to recover its costs after foreclosing the loan and selling the mortgaged property.
		If a borrower has less than the 20% downpayment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes refered to as a "piggy-back loan") to make up the difference.
		As such, even though the additional cost of a higher interest rate second mortgage might be similar to the cost of mortgage insurance, the borrower may see a reduction in total costs when the tax benefits are considered.
	www.juiceenewsdaily.com /1004/news/lenders.html?1130738267515 (292 words)

	Mortgage Insurance & Risk Management Products
		Mortgage insurance serves several important purposes: protecting lenders from default-related losses on residential first mortgages, facilitating the sale of low-downpayment mortgages in the secondary market and helping consumers with limited savings achieve homeownership.
		Lenders generally require mortgage insurance on low-down-payment loans because experience and research show that a borrower with less than 20 percent invested in a home is more likely to default on a mortgage.
		Reinsurance is the commitment by one insurance company to reimburse another, the ceding company, for a specified portion of the insurance risks underwritten by the ceding company.
	www.radianmi.com /media/product.aspx (720 words)

	Eliminating Your Mortgage Insurance
		Most lenders require mortgage insurance when the down payment is less than 20% of the home's purchase price, because to the higher loan-to-value ratio creates a higher risk for the lender.
		Mortgage insurance is established at purchase time and may be paid in various forms, such as a lump sum or higher interest rate, but most often, it is included in your monthly mortgage payment.
		Contact your mortgage broker professional in your area for a free analysis to verify whether it is financially feasible for you to refinance to remove your mortgage insurance.
	www.wa-mortgage.com /eliminate_insurance.html (415 words)

	Mortgage Insurance (Site not responding. Last check: 2007-10-14)
		Private Mortgage Insurance is a type of insurance that helps protect lenders against losses due to foreclosure.
		Mortgage insurance can usually be canceled by the home buyer after he or she has at least 20 percent equity in the home.
		This new law forces lenders to cancel the private mortgage insurance premiums once the loan to value reaches 78% of the original mortgage.
	www.1capitalmortgage.com /mtgins.html (351 words)

	Facts About Mortgage Insurance
		With the introduction of mortgage insurance, mortgage lenders were permitted by federal agencies to make loans as high as 97% of the value of a property.
		Mortgage credit life insurance is a term life insurance policy that will pay off a borrower's mortgage payment in the event of the borrower's death.
		Once borrowers use a mortgage insurance program to purchase a home, their first reaction is usually to try to determine how long before they can cancel the coverage and stop the monthly mortgage insurance payment.
	www.mortgagealmanac.com /articles/95-factsaboutmtgeins.html (997 words)

	Mortgage Insurance
		The mortgage insurance guarantees that the lender can recoup certain losses that may be sustained as a result of lending to you.
		Lenders tend to consider the loan-to-value ratio (LVR) to be a simple index of the level of risk involved in financing a given purchase.
		Lender's mortgage insurance can be paid either upfront as a lump sum, or added to the loan capital.
	www.mortgageone.com.au /doc/help1.htm (1016 words)

	Home Loan Service \| Pre-approved Loans \|Free Mortgage Quotes \| Independent Home Loan Brokers
		Other forms of insurance such as life and mortgage protection insurance are available to borrowers, which can protect a borrower against loss of income due to illness or loss of employment.
		Lenders Mortgage Insurance is payable by the borrower in a single premium charged at settlement.
		The two major mortgage insurers will refund up to 40% of the insurance premium if the loan is paid out in the first year and one of them will refund up to 20% of the premium if the loan is paid out within two years.
	www.homeloanspecialists.net /financial_matters.shtml (612 words)

	How Mortgage Insurance Works
		Without the guaranty of mortgage insurance, lenders normally require a borrower to make a down payment of at least 20% of a home's purchase price, which can mean years of saving for some borrowers.
		Mortgage insurance fills the gap between the standard requirement of 20% down and an amount the borrower can more easily afford to put down on a purchase.
		Without mortgage insurance, a borrower who has saved $10,000 for the required minimum 20% down payment would only be able to purchase a $50,000 home.
	www.yourwayloan.com /library/mortgageinsurance.asp?sec=res (660 words)

	[No title]
		It is the largest insurer of mortgages in the world, insuring nearly 33 million properties since its inception in 1934.
		Under LPMI plans, the lender purchases the mortgage insurance and pays the premiums to the insurer.
		Currently, no federal law requires lenders of insurance to notify borrowers of their rights to cancel mortgage insurance.
	www.lycos.com /info/mortgage-insurance--lenders.html?page=2 (255 words)

	Super Home Center - Real Estate Mortgage Information Mortgage Lenders - Resources (Site not responding. Last check: 2007-10-14)
		Mortgage Job Store Jobs for mortgage professionals including loan originators, processors and closers.
		LoanExpo Source for mortgage lenders that arrange commercial and residential financing.
		ARC Mortgage California-based finance lender for second and third mortgages.
	www.superhomecenter.com /attic/links/home_mortgage_links.htm (2870 words)

	Houston Mortgage Lenders
		In legal terms, the creation of a mortgage gives the legal title of the land to the mortgager and an equitable title (called "equity of redemption") to the mortgagor.
		In Houston, like other states, to protect the lender, a mortgage is recorded in the public records creating a lien (when there are multiple liens, order of recording determines priority).
		Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that the lien of the mortgage is prior to anyone else's claim.
	www.centurymortgages.org /houstonmortgagelenders.html (311 words)

	Canada mortgage loan insurance
		Mortgage loan insurance was developed to address the problem home buyers have with saving enough for a down payment while addressing the concerns Canadian mortgage lenders expressed with the increased potential of payment default.
		The benefit you get from the insurance is that it affords the lender the ability to mortgage your home purchase up to 95% of the purchase price or appraised value, which ever is lower.
		Mortgage loan insurance premiums can be paid in a lump sum or be added to your mortgage and included in your monthly mortgage payment.
	www.lendingmax.ca /artman/publish/Understanding_Canada_mortgage_loan_insurance.php (622 words)

	Understanding PMI (Private Mortgage Insurance)
		FHA mortgages, which are insured by the Federal Governement, require a different type of insurance with different coverages.
		Lenders have found that those who put down less than 20% are far more likely to default than those who put down more.
		Unlike the mortgage insurance on FHA loans (which remains through the life of the loan) PMI is, under certain circumstances, cancellable.
	www.ourfamilyplace.com /homebuyer/pmi.html (677 words)

	Mortgage Insurance and Mortgage Disability Insurance Brokers in Canada - Dave P. Financial
		If you are like most Canadian homeowners, paying a mortgage will be a regular household expense that you will have to budget for; so taking extra steps to insure its value through loss by fire, for example will probably be one of your first concerns.
		Life insuring your mortgage should be your first priority, since the possibility of death is more than a thousand times greater than fire.
		An individual mortgage policy can be designed to provide a return of your premiums over time and provide you with attractive cash values.
	www.mortgageinsurance.bc.ca /mortgage.html (927 words)

	Protecting Your Mortgage With Insurance
		This is why many mortgage contracts include a clause that states, "At the death of any signer, the contract is subject to renegotiation..." The loss of an income can lead to foreclosure.
		PMI is a certain type of insurance policy from a bank or mortgage company in which you pay a fixed Premium:In insurance, the periodic payment required to keep a specific policy in force.
		Mortgage protectors include Permanent Life Insurance:A term used to describe various life insurance policies in force throughout an insureds lifetime provided premiums are paid.
	www.newyorklife.com /cda/0,3254,11753,00.html (589 words)

	Removing Mortgage Insurance
		Because mortgage insurance premiums are paid by borrowers, to protect lenders, many lenders refuse to terminate it voluntarily.
		Termination rules for mortgage insurance provided by the Federal Housing Administration (FHA) are completely different than those applicable to private mortgage insurance (PMI), and are based on earlier Federal legislation and regulations of the FHA.
		Lenders can be made responsible if termination is based on the current loan balance and the original property value, because the lender has that information.
	www.alliemae.org /removingmortgageinsurance.html (439 words)

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