What is Mortgage Insurance?
You may have heard you will need to pay mortgage insurance with your home loan. What does this mean, why is it required, and what can you expect? Read to learn these answers! What is Mortgage Insurance? Mortgage insurance is a requirement for some home loan scenarios or products. It is paid by the borrower and is a means to protect the lender in the event the borrower defaults on the loan. History of Mortgage Insurance Traditionally, individuals were required to make a down p