What is mortgage loan insurance?

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asked Apr 3 in Business, Work, and Careers by Hamna Shah
I want to get mortgage loan and make my home, but what the mortgage loan insurance is? i need to know about it too.

1 Answer

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answered Apr 3 by Umer King Idrisian
selected Apr 4 by Umer
 
Best answer

Simple:

Mortgage Insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.

Its about when you have got mortgage loan you should have mortgage insurance to coverup the bad moments which may cause you problems when you are not able to re-build the home after an accident.

However, this maybe not available in some countries.

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