Like the video shows, mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency.
If a borrower can’t repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.
You generally need mortgage insurance only if you plan to make a down payment of less than 20% of the purchase price of the home. The FHA offers several loan programs that may meet your needs.
TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
Latest posts by TitleTap (see all)
- How to Measure the ROI of Your Marketing Efforts - June 28, 2022
- 9 Marketing Ideas for “Small” Law Firms - June 21, 2022
- Top Sales and Marketing Mistakes that Law Firms Make and How to Avoid Them - June 3, 2022
