Illinois Real Estate Exam

Category - Real Estate

The amount paid by a mortgagor for mortgage insurance, either government or private is called:

  1. Mortgage insurance premium
  2. Private mortgage insurance premium
  3. FHA insurance premium
  4. VA insurance premium
Explanation

Answer: A - The mortgage insurance premium is paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.

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