Buying a Home With the Help of Mortgage Insurance
JANUARY 16, 2012
Mortgage insurance (MI) is not the same as mortgage life insurance (which pays off a mortgage if the homeowner dies or becomes disabled) or homeowners’ insurance (which protects homeowners from loss due to theft, fire or other catastrophe). Private mortgage insurance , orPMI, protects the lender and investor from loss, not the borrower. Genworth Financial for example, offers job loss protection so that you can continue to make mortgage payments if you lose your job.