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Mortgage Insurance Tips

A business that protects its investments is ensuring that it remains in business for a very long time, but a few bad business decisions can put this plan in jeopardy. For businesses that lend people large sums of money to allow them to purchase a house, mortgage insurance offers them the protection they need.

Borrowers that are not able to afford to place at least a 20 percent down payment on their new homes are, generally, required to purchase mortgage insurance. The point is to eliminate the possibility of any loss if the borrower were to default on the loan, so it is sound business policy for a lender to require insurance mortgage of their borrowers that have credit scores lower than 620.

Before offering to loan the money that borrowers need to purchase a house, these borrowers can discover how much they will be paying every month for their insurance mortgage and loan with a mortgage insurance calculator. A mortgage insurance calculator takes information such as the borrower’s income, length of the loan and interest rate and lets them know whether or not they can afford the payment.

Most people are aware that they need to purchase homeowners insurance. A homeowners insurance policy also protects the lender’s investment, because it will cover the amount that will be required to replace the house if it is ever destroyed in, for example, a tornado. The lender will not completely lose the investment if the homeowner ever defaults on the loan and the lender takes ownership of the house again.