Results for tag: "Mortgage Insurance"

Mortgage Insurance is a type of property insurance that protects lenders from losses resulting from a borrower's default on a mortgage loan. It is typically required when a borrower has a down payment of less than 20% of the purchase price of the property. Mortgage Insurance covers the lender for the amount of the loan in the event of a borrower's default, and can also provide additional protection for the borrower in the form of a waiver of deficiency. Mortgage Insurance is typically offered by private insurers, and is often required by lenders in order to approve a loan. The cost of Mortgage Insurance is typically paid by the borrower, and is usually included in the monthly mortgage payment. Some of the companies in the Mortgage Insurance market include Genworth Financial, Radian Guaranty, Essent Guaranty, United Guaranty, and National Mortgage Insurance Corporation. Show Less Read more