Mortgage insurance explained (Podcast)

Source: The Mortgage Reports — 

Mortgage insurance basics

Mortgage insurance might sound like something that protects you – the homeowner – should you fall behind on your payments. But in reality, it’s a policy for the lender that ensures they’ll recoup their losses if you stop repaying your loan.

Unfortunately, it’s the homeowner who pays for these policies. There’s usually a monthly fee for mortgage insurance and sometimes an upfront fee, too.

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