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Mortgage insurance is a policy that protects lenders or title holders if a borrower is unable to meet their mortgage obligations due to default, death, or other circumstances. It helps cover potential losses and reduces the risk for lenders. This type of insurance can be provided by either public agencies or private insurers, depending on the terms and structure of the loan.
Mortgage insurance is typically required by lenders when a borrower makes a down payment of less than 20% of the home’s purchase price. It reduces the risk to the lender, making it possible for borrowers to qualify for loans that they might not otherwise get.
