Mortgage Insurance also known by the names MI or PMI (for private mortgage insurance) is an insurance provided by a private company that protects the mortgage lender by paying the costs of foreclosing.

Facts about mortgage insurance:

Mortgages are often backed by mortgage insurance, when borrower makes down payment, which is less than 20% of the sales price. It gives a safety guarantee to the lender, as it protects the lender if the borrower stops paying the loan.

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