Mortgage Insurance
/ˈmɔːrɡɪdʒ ɪnˈʃʊərəns/
Definitions
- (n.) An insurance policy that protects a mortgage lender against loss if the borrower defaults on the loan.
The lender required mortgage insurance when the down payment was less than 20%.
Forms
- mortgage insurance
Related terms
See also
Commentary
Mortgage insurance typically shifts risk from lender to insurer, often required in high-risk lending scenarios.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.