What is Mortgage Insurance?
Mortgage insurance (MI) provides lenders with coverage against financial losses in the even of a default and foreclosure. If you put less than 20% down, your loan will most likely require mortgage insurance. MI can feel like a raw deal—you pay for coverage that protects your lender. But consider the alternative: without it, all loans would require at least a 20% down payment, putting homeownership out of reach for many.
In addition to our glossary, we have a library of downloadable PDFs that cover mortgage insurance, biweekly payments, and other mortgage fundamentals.
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