A mortgage insurance policy protects lenders from complete losses due to a borrower defaulting on a mortgage. Both public and private forms of this insurance are available.

There are two types of private mortgage insurance, which includes the following:

• Lender-Paid Mortgage Insurance (LPMI)
• Borrower-Paid Mortgage Insurance (BPMI)

Mortgage insurance is usually required if a down payment for the property is below 20%.

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