Definition: The mortgage insurance, also known as an "insurance policy" or "property insurance", is a legal obligation that requires homeowners to purchase from their lender a policy (usually called a mortgage policy) covering losses during the period of the loan. The amount of this policy varies depending on various factors such as the type of property being insured, location, and other specifics. The term "how much is the mortgage insurance" refers to the amount of money that the borrower has to pay upfront or in exchange for coverage against the lender's risk, often referred to as a down payment or earnest money. This financial obligation can be significant because it represents a portion of the potential loan amount that may not have been secured by the borrower. In summary, mortgage insurance is a legal contract between a borrower and their lender that specifies how much money (or "down payment") they must pay upfront to secure their loan.
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