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LEGAL TERMS - Mortgage Protection Insurance
Legal Terms - Mortgage Protection Insurance
Mortgage Protection Insurance Information: Virtually all home mortgage lenders will require the buyer to obtain a policy of insurance, commonly referred to as MPI (or as PMI for Private Mortgage Insurance), to cover mortgage payments should something happen to the buyer or to the collateral. The exception to the mortgage insurance requirement occurs where the buyer has over 20% of the mortgage paid off, or has an 80% equity position in the property. As a rule, the annual Mortgage Protection Insurance premium is divided and added to the monthly loan payment. The premium payments should drop off automatically when the 20% repayment level has been met.
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