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Protect yourself with Mortgage insurance for all your private needs.
Maybe you've never heard of mortgage insurance, but it can make a big difference in how quickly your mortgage loan is approved and how much money you spend on a down payment. Mortgage insurance helps protect lenders and mortgage investors from severe financial losses in case a loan is not repaid for any reason. This mortgage insurance benefits lenders and investors, but it helps homebuyers, too. Because lenders are protected by mortgage insurance, they are willing to offer loans with a very low down payment as little as three to five percent of the loan amount or, in some cases, with no money down.
Without mortgage insurance, lenders usually require a down payment of at least 20%. Even if you have enough money for a large down payment, you may prefer to use it for other purposes, such as a child's education or a more expensive house. If you don't have a 20% down payment, it can take a long time to save it. And while you're saving, the price of your dream home is likely to rise perhaps faster than you can save. This is why you should get mortgage insurance, to save money for more important things like your children
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2005-07-07
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