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What is mortgage insurance, and how much does it cost?

Mortgage insurance is very different from the typical types of insurance we buy to protect ourselves from financial loss. Usually, we pay an insurance company a monthly premium to help cover our home, car, or even our health from an unexpected setback, such as flood damage, an accident, or major illness.

But mortgage insurance doesn't protect a home buyer — it protects the lender from a financial loss if you don't repay your mortgage. However, you still benefit in a way.


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