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Mortgage insurance
A contract that insures the lender against loss caused by a mortgagor's default on a government or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency such as the Federal Housing Administration(FHA). Depending on the type of mortgage insurance, the insurance may cover a percentage of, or virtually the loan amount.
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- Part of Speech: noun
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- Industry/Domain: Business services
- Category: Relocation
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