Business, Legal & Accounting Glossary
Insurance written by an independent mortgage insurance company that protects the mortgage lender against loss experienced by a mortgage default.
With very few exceptions, banks require a homebuyer to have mortgage insurance before they will given them a loan.
It was fortunate that the local community bank had mortgage insurance in all of their home loans, because after the real estate market crashed, more than half of the properties went into foreclosure.
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This glossary post was last updated: 15th February, 2020 | 0 Views.