Resources > Glossary > Mortgage Insurance

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Mortgage Insurance

Function: noun

Definition 1:
Money paid to insure the mortgage when the down payment is less than 20 percent. Please refer to the 80-10-10 mortgage to learn about options where you can borrower more than 80% of the value of the property without paying mortgage insurance. A borrower no longer has to pay mortgage insurance once the amount owed in a mortgage is less than 80% of the property value. In some cases, the mortage insurance automatically stops being charged for or needed once the amount owed is 77 or 78% of the property value.