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January 19, 2023
A mortgage with mortgage default insurance is known as an insured mortgage. Mortgage default insurance is required if you put less than 20% down on the house (between 5% and 19.99%). The insurance protects the lender if you fail to make your mortgage payments due to default or foreclosure. The cost of your insurance is calculated as a percentage of the entire amount of your mortgage. The greater your down payment, the lower your mortgage default insurance.