Finance
A NJ buyer's lender requires title insurance as a condition of the mortgage loan. This is the:
AOwner's title insurance policy
BLender's (mortgagee's) title insurance policy✓ Correct
CHazard insurance policy
DPMI policy
Explanation
Virtually all NJ mortgage lenders require the borrower to purchase a lender's title insurance policy as a condition of the loan. This protects the lender's lien position; a separate owner's policy protects the buyer.
Related New Jersey Finance Questions
- In NJ, under the Homeowners Protection Act, a lender must automatically terminate PMI when the LTV ratio reaches what level based on original amortization?
- The federal Home Ownership and Equity Protection Act (HOEPA) protects NJ borrowers from:
- In NJ, a seller who 'takes back' a second mortgage as part of the purchase price is providing:
- A NJ homebuyer with a credit score of 620 may find that conventional lenders require a higher down payment because:
- Which type of NJ mortgage requires the borrower to make interest-only payments for a period, followed by full amortizing payments?
- A NJ lender requires a 'two-year history of self-employment income.' This requirement comes from:
- A New Jersey condominium buyer's monthly PITI payment is $2,800. The lender's maximum front-end (housing) DTI ratio is 28%. What is the minimum qualifying gross monthly income?
- A NJ commercial lender for an office building typically requires the property's DSCR to be at least:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →