Mortgage insurance is an insurance policy that protects a mortgage lender in the event that the borrower defaults on their mortgage payments. It is sometimes referred to as (PMI) or (MI). Mortgage insurance is usually paid if you are putting down less than 20% on a new home purchase or if you have less than 20% of equity in your mortgage. It’s usually a pay as you go payment that can be cancelled once 20% of equity has been reached.

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