A mortgage lender fee that is charged when applying for a mortgage loan.
Private mortgage insurance is a type of insurance required on some mortgage loans that protects a mortgage lender against loss if a borrower defaults on the loan. The cost of private mortgage insurance (PMI) is passed on to the borrower and is not paid by the lender. One of the benefits of a PMI mortgage
Failure to pay the loan payments when due. Failure to make one or more months payments on time based on the loan payment schedule stipulated in the note.