Mortgage Insurance

Mortgage insurance is the protection to the lender if the homebuyer does not make the respective mortgage payments. It can also be defines as the financial guarantee that protects the lenders against the loss.

In case of mortgage insurance if the borrower is found to be default then the mortgage lender reduces the risk of loss to the lender. In mortgage insurance the initial premium is paid at the closing and on the basis of the premium plan a monthly amount may be included in the house payment paid to the lender. Private mortgage insurance is when the down payment of the property is less than 20% of the sales price. Mortgage insurance premium is generally tax deductible.

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