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Articles > Mortgage Insurance in Essex County What Homebuyers Need to Know

Mortgage Insurance in Essex County What Homebuyers Need to Know

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Buying a home is one of the biggest financial decisions you’ll make, and for many buyers in Essex County, mortgage insurance is a key part of the process. Understanding how it works can save money, simplify your mortgage, and help you plan your finances better.

 

What Is Mortgage Insurance?

 

Mortgage insurance is designed to protect the lender, not the borrower, in case you are unable to make mortgage payments. It is generally required when:

 

Your down payment is less than 20% of the home’s purchase price

 

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