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Mortgage insurance
Mortgage insurance is an extra protection for the lender in case the borrower cannot make payments on the mortgage. The homebuyer has to pay the premium but the insurance will protect the lender. This is not a kind of life insurance. The only advantage in mortgage insurance is that many lenders would still make a loan higher than the recommended 80% of purchase price or appraised value if taking mortgage insurance, which it might be good if you don't have the money for the down payment.
Mortgage life insurance is different; this type of life insurance is designed to help pay off a mortgage in the event of the borrower's death. It can include protection in the case of terminal illness. You could also shop for protection in the case of unemployment.
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Additional resources
Mortgage Refinance – Is It Right For You?
There are several interlocking reasons to consider refinancing your mortgage. When rates are low, you can lower your monthly payment and/or the total amount of interest you will pay over the life read more...