American_Bankers_Association
CTFA · Question #202
An insurance policy that protects the mortgage lender from loss in the event the borrower defaults on the loan; typically required by lenders when the down payment is less than 20%.
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Question
An insurance policy that protects the mortgage lender from loss in the event the borrower defaults on the loan; typically required by lenders when the down payment is less than 20%.
Options
- APrivate mortgage insurance
- BPublic mortgage insurance
- CDown payment
- DLoan to value ratio
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