Name | What Is Mortgage Insurance? |
Description | Like the video shows, mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. <br><a href="https://www.texasfile.com">www.texasfile.com</a> |
Thumbnail URL | https://embed-ssl.wistia.com/deliveries/327e74aba7dcd8b8d... |
Embed URL | https://fast.wistia.net/embed/iframe/m4f5kgs5mq |
Duration | PT53S |
Upload Date | 2021-04-13T15:49:35+00:00 |
Transcript |
What Is Mortgage Insurance?
Mortgage insurance is a policy that protects lenders
against some or most of the losses that result from defaults on home mortgages.
Like home or auto insurance, mortgage insurance requires payment of a premium,
is for protection against loss, and is used in the event of an emergency.
If a borrower can't repay an insured mortgage loan as agreed,
the lender may foreclose on the property and file a claim
with the mortgage insurer for some or most of the total losses.
You generally need mortgage insurance only if you plan
to make a down payment of less than 20% of the purchase price of the home.
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