With private mortgage insurance, many lenders will allow you to borrow more than 80% of the appraised value of the home. What is the purpose of this action?
A) The insurance will pay for damages to the home during the course of the mortgage.
B) It is required by federal and state law.
C) It protects the lender in the event the borrower is unable to make the mortgage payments.
D) It protects the borrower from foreclosure.
E) none of the above
Correct Answer:
Verified
Q62: What would be the best housing choice
Q63: Which should you consider when house hunting?
A)The
Q85: You are considering obtaining a mortgage of
Q94: Private mortgage insurance typically is not needed
Q95: You are a newlywed,and you and your
Q128: You have an annual gross income of
Q138: What questions should you answer before deciding
Q153: A subprime mortgage is a mortgage with
Q166: The prepayment privilege allows the borrower to
Q168: Most predatory lenders offer prepayment privileges with
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents