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Glossary of Terms > M > Mortgage Insurance

Mortgage Insurance

Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is insurance that covers the home loan lender against losses incurred as a result of a default on a mortgage loan. Mortgage insurance is, commonly, required in one form or another on all loans that have a loan-to-value (LTV) ratio higher than 80 percent. Home mortgages above 80 percent LTV are usually a made at higher interest rates. Rather than the borrower paying the insurance premiums directly, they pay a higher interest rate to the lender, which then pays the insurance itself. FHA loans and certain first-time buyer programs require mortgage insurance regardless of the LTV of the borrower. The amount paid by the borrower is known as the mortgage insurance premium.

M Terms

Mandatory Disclosure

Margin

Maturity

Median Price

Mill Rate

Mixed-Use

Modification

Mortgage

Mortgage Broker

Mortgage Insurance

Mortgage Life / Disability Insurance

Mortgagee

Mortgagor

Multi-family Home

Multiple Listing Service