ufpmi: What is mortgage insurance?
- 11/17/11 03:47 AM
What is mortgage insurance? A common question I get from borrowers is, “What is mortgage insurance, and why do I need it?” The easy answer is that mortgage insurance is an insurance policy that the lender forces you to buy that protects them from losses on the mortgage note should your loan go into foreclosure. Mortgage insurance is required on all loans that exceed 80% loan to value (LTV). In the case of FHA loans, mortgage insurance is required on all loans, regardless of loan to value, unless the term is 15 years or less. I’ll talk more about this later. … (0 comments)
What is mortgage insurance?
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