mortgage insurance

Definition of "mortgage insurance"
  1. 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
How to use "mortgage insurance" in a sentence
  1. Due to her low down payment, she had to get mortgage insurance to safeguard the lender.
  2. The bank insisted on mortgage insurance since his down payment was less than 20% of the home's value.
  3. Her mortgage insurance covered the bank's loss when she defaulted on her mortgage loan.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z