mortgage insurance
- A policy safeguarding lenders from potential losses if a borrower fails to repay a mortgage loan; mostly required when the down payment is less than 20% of the home's value
- Due to her low down payment, she had to get mortgage insurance to safeguard the lender.
- The bank insisted on mortgage insurance since his down payment was less than 20% of the home's value.
- Her mortgage insurance covered the bank's loss when she defaulted on her mortgage loan.
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