Across
- 2. Homeowners Protection Act law that controls how and when PMI must be removed from a loan
- 4. The difference between a home’s value and the remaining loan balance; it represents how much of the property the borrower truly owns.
- 6. The company that manages the loan and handles payments and PMI removal.
- 8. The gradual reduction of a loan balance over time through payments.
- 9. When the borrower asks to remove PMI at 80% LTV.
Down
- 1. Automatic and Final - 2 types related to the removal of PMI
- 3. Determines property value used in LTV calculation
- 5. A legal document that transfers ownership of real property from a seller (grantor) to a buyer (grantee), providing official proof of ownership when properly signed and recorded.
- 7. Private Mortgage Insurance that protects the lender if the borrower defaults, usually required with low down payments.
- 10. Loan Amount ÷ Property Value (expressed as a percentage)