What is mortgage insurance and why is it required?

What is mortgage insurance and why is it required?

Mortgage insurance is a way for the lender to protect against a financial loss in the event the borrower is unable to keep making payments. Mortgage insurance is typically required when the loan is approved with little or no down payment, when the loan is for 80% or more of the purchase price, or if the borrower has poor credit.

2018-02-12T07:14:33+00:00