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Mortgage insurance is often required for homebuyers who make a down payment of less than 20%. It protects the lender in case of default.
There are two main types: Private Mortgage Insurance (PMI) and FHA mortgage insurance. Understanding the differences can help you make informed decisions.
The cost varies based on the loan amount and down payment, so it's important to factor this into your budget.
Mortgage insurance can be a necessary expense for many buyers.
