A guaranteed mortgage is a type of home loan in which a third-party organization guarantees repayment to the lender in case the borrower defaults. These guarantees are often provided by government agencies, enhancing the chances of loan approval and potentially offering favorable terms to the borrower.
Insurance typically required by lenders for borrowers with a down payment less than 20%, indemnifying the lender in the case of foreclosure.
A Mortgage Insurance Policy is designed to protect lenders and borrowers in mortgage agreements by covering payments in certain situations, such as default or borrower death.
Private Mortgage Insurance (PMI) is a type of insurance required primarily for homebuyers who obtain conventional loans with a down payment of less than 20% of the home's purchase price. It protects the lender in case the borrower defaults.
Insurance on conventional loans, provided by private insurance companies to protect lenders against loss if a borrower defaults on their loan.
