Mortgage Insurance 101: Understanding its Purpose & Necessity

Mortgage Insurance 101: Understanding its Purpose & Necessity

Share: Traditionally the target for a home downpayment is 20% of the purchase price, but this isn’t available for most homebuyers. Mortgage insurance gives borrowers a chance to pay less than 20% down on a mortgage. Mortgage insurance will protect the lender when or if the loan has gone into default. If you don’t have…