what is mortgage default insurance

What Mortgage Insurance Premium Isnt. Mortgage insurance helps offset the lenders risk when a borrower makes a low down payment as lower down payments increase the amount of money your lender loses if you default lower down payment bigger loan.

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Keep in mind that although youre paying for insurance.

. Private mortgage insurance PMI adds to your monthly mortgage expenses but it can help you get your foot in the homeownership door. MIP and PMI insure the lender from this loss. When youre buying a home check to see if PMI will help you.

To obtain mortgage loan insurance lenders pay an insurance premium. Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment starting at 5 with interest rates comparable to those offered with a larger down payment. Typically your lender will pass this cost on to you.

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