Mortgage Insurance In Real Estate

The purpose of mortgage insurance in real estate is to protect the lender from certain losses and costs resulting from foreclosure. Mortgage insurance is not home owner's insurance or credit insurance.

There are two different types of mortgage insurance:

Government insurance: This is on every government loan (FHA mortgage). These mortgages are made by a lender where the Federal Housing Administration (FHA) insures the mortgage. If a foreclosure is unavoidable, the FHA steps in and pays the lender a certain amount for the property and then turn around sell it in their HUD Homes program.

Private mortgage insurance. This insurance is required on conventional mortgage products where the loan-to-value exceeds 80%.

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