Mortgage Insurance

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Mortgage Insurance Mortgage insurance is form of life insurance coverage payable to a third party lender/mortgagee that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance helps people to become homeowners who might not otherwise qualify because they don't have the xx% to put down on a home hire purchase payment. It should be noted that mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan. If you are required to pay mortgage insurance, it will be included in your total monthly payment that you make to your lender, your costs at closing, or both. There are two main types of mortgage insurance: -Private mortgage insurance (PMI) is typically required for conventional loans with a down payment of less than XX% depending of the available law of that jurisdiction. -Government-backed mortgage. The premiums for these types of mortgage insurance are typically paid in a single upfront payment, or they can be added to the borrower's monthly mortgage payment. If you are considering mortgage insurance, it is important to talk to a mortgage lender to learn more about your options, consider your financial situation, ask about the different types of mortgage insurance. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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