![]() ![]() You might choose one type of PMI over another if it would help you qualify for a larger mortgage or enjoy a lower monthly payment. The borrower pays indirectly through a higher interest rate or higher mortgage origination fee. The borrower pays part up front and part monthly. You’ll make one PMI payment up front or roll it into the mortgage. This is just what it sounds like-the borrower pays the insurance monthly typically as part of their mortgage payment. Related: FHA Mortgage Insurance: Who Needs It & How Much It Costs Types of Mortgage Insurance Note that conventional loan borrowers with lower down payments pay private mortgage insurance (PMI) while borrowers who get a loan backed by the Federal Housing Administration (FHA) pay a mortgage insurance premium (MIP). Both of these scenarios were seen during the 2007 housing crisis and recession, which highlighted the importance of mortgage insurance. Lenders traditionally require a down payment of 20% as a condition of qualifying for a mortgage since a borrower who invests their own money in their home is less likely to give up on making payments and let the bank foreclose on the home if their home’s value drops or their personal finances deteriorate. While mortgage insurance is designed to protect the lender, this reduced risk allows lenders to offer loans to borrowers who otherwise wouldn’t qualify for a mortgage at all, let alone an affordable one. To learn more, see the privacy policy.Mortgage insurance is a type of policy that protects a mortgage lender if a borrower fails to make their payments. Special thanks to the contributors of the open-source code that was used in this project: Elastic Search, WordNet, and note that Reverse Dictionary uses third party scripts (such as Google Analytics and advertisements) which use cookies. The definitions are sourced from the famous and open-source WordNet database, so a huge thanks to the many contributors for creating such an awesome free resource. In case you didn't notice, you can click on words in the search results and you'll be presented with the definition of that word (if available). For those interested, I also developed Describing Words which helps you find adjectives and interesting descriptors for things (e.g. So this project, Reverse Dictionary, is meant to go hand-in-hand with Related Words to act as a word-finding and brainstorming toolset. That project is closer to a thesaurus in the sense that it returns synonyms for a word (or short phrase) query, but it also returns many broadly related words that aren't included in thesauri. I made this tool after working on Related Words which is a very similar tool, except it uses a bunch of algorithms and multiple databases to find similar words to a search query. ![]() So in a sense, this tool is a "search engine for words", or a sentence to word converter. It acts a lot like a thesaurus except that it allows you to search with a definition, rather than a single word. The engine has indexed several million definitions so far, and at this stage it's starting to give consistently good results (though it may return weird results sometimes). For example, if you type something like "longing for a time in the past", then the engine will return "nostalgia". It simply looks through tonnes of dictionary definitions and grabs the ones that most closely match your search query. The way Reverse Dictionary works is pretty simple. ![]()
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