What is mortgage insurance?
What is mortgage insurance?
user
You’re talking about private mortgage insurance. This is insurance that protects lenders against loss from mortgages that go into default.
assistant
Is it expensive?
user
The cost depends on how much you borrow and the quality of your home. In the United States, mortgage insurance is often included in the rate of your mortgage. This means that your monthly payment also includes the cost of the mortgage insurance.
assistant
So it is generally included in your mortgage payment?
user