Mortgage Default Insurance:

  • Will compensate the lender if the borrower goes into default (normally by failing to make mortgage payments).
  • Required when the down payment is less than 20%.
  • Can be paid on closing in cache, or added to the mortgage amount (“dissolved” in the mortgage).

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Once you are interested in obtaining a mortgage, then you most likely will also be interested in the help of an experienced real estate agent:

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