Mortgage Insurance

Definition - What does Mortgage Insurance mean?

The term mortgage insurance can be explained as the type of insurance which aims to safeguard the borrower in unfavorable events such as the borrower going into default or nonpayment of installments on a mortgage.

Justipedia explains Mortgage Insurance

Mortgage insurance is also known as a mortgage guarantee and can either be private or public depending upon the insurer. Private mortgage insurance is usually required when advance or down payments made are below 20%.

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