Mortgage-insurance meaning

Mortgage insurance, usually called private mortgage insurance (or PMI), is an insurance policy generally purchased by a home buyer to protect the interests of the mortgage lender if the borrow defaults on the mortgage.

An example of mortgage insurance is an insurance policy protecting a mortgage lender against borrower default on the loan.

An example of mortgage insurance is the insurance that is typically required of a home buyer if their equity is less than 20% of the market value.

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