29 August 2012

Mortgage 101Mortgage default insurance

Mortgage default insurance (in other words, mortgage loan insurance)
serves to protect the mortgage lender if you’re not able to pay off your
mortgage. So it doesn’t have anything with protecting you.
You have
to pay for the mortgage default insurance in case your down payment is
less than 20% of the total house price. This type of a mortgage loan is
called a high-ratio mortgage…
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