Mortgage insurance is a crucial aspect of the home-buying process that provides financial protection for lenders and borrowers. In this article, we'll delve into the basics of mortgage insurance, its purpose, types, and how it impacts homeownership. What is Mortgage Insurance? Mortgage insurance is a type of insurance that protects lenders in case a borrower defaults on their loan payments. It is typically required for homebuyers who make a down payment of less than 20% of the home's purchase price. This insurance reduces the risk for lenders, allowing them to offer loans to borrowers with lower down payments. Types of...