Mortgage insurance

Mortgage insurance protects the lender from incurring losses against non-payment of home loans. Borrowers are required to carry Private Mortgage Insurance if their loan has loan-to-value ratio higher than 80%. Depending on the type of loan, the borrower will have to pay an initial premium and a monthly payment. The monthly payment will continue until the equity of the home is greater than 20%. Certain loan programs like first time home loans are covered by mortgage insurance irrespective of the LTV percentage.
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