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Mortgage protection insurance (MPI), unlike PMI, protects you as a borrower. This insurance typically covers your mortgage payment for a certain amount of time. Lenders Mortgage Insurance (LMI) is insurance that a lender takes out to insure itself against the risk of not recovering the outstanding loan balance if. Mortgage insurance makes it possible to hand over a much smaller down payment and still qualify for a home loan. It protects the lender in case you default on.

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Mortgage protection insurance (MPI), unlike PMI, protects you as a borrower. This insurance typically covers your mortgage payment for a certain amount of time. If your down payment is less than 20% of the home's value, you may have to pay mortgage insurance. Premiums range from % of the loan amount to more than 1%. If you buy a house with less than a 20% down payment, the lending institution requires you to get mortgage loan insurance to protect against the risk of default.

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Mortgage insurance enables a borrower to qualify for mortgage financing with a down payment as low as 3 percent, while protecting the lender, government and. Mortgage loan insurance also adds stability to slow economic times, because it helps ensure mortgage funds are available to home buyers. It lowers the risk of. Mortgage insurance puts home ownership in reach for millions of qualified borrowers, helping obtain mortgages more quickly and with a smaller down payment.