When purchasing a home, most people working with a lender are required to purchase mortgage insurance. Often, this policy is required only for a set number of years, and then is waived. At that point, the homeowner may discontinue the coverage. The purpose of mortgage insurance is to pay the monthly mortgage payment if the homeowner cannot make the payment. This insures that the lender will be paid, especially during the early years of the loan, when the property value does not much exceed the loan amount.

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