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A type of insurance that protects the lender in the event a borrower defaults on their mortgage payments. Mortgage Insurances is typically required when a borrower puts down less than 20% of the purchase price. Private lenders will usually require what's called Private Mortgage Insurance (PMI) because the loan is not federally guranteed. Non-conventional FHA and USDA loans will require mortgage insurance regardless of the downpayment amount.

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