Definitions: M - Finance and insurance

mortgage insurance

Similar - PMI

mortgage insurance is a type of insurance that protects mortgage lenders from borrower default, when the borrower has a down payment of less than 20%. mortgage insurance must be paid by the borrower, in addition to principal and interest payments. Private Mortgage Insurance (PMI) is required by most mortgage lenders when the property down payment is less than 20%.

References - mortgage insurance

See the following for additional mortgage insurance information:

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