What is Mortgage Insurance?
Lender’s Mortgage Insurance, also know as Private Mortgage Insurance, (PMI), is required on more and more NJ mortgage loans nowadays. Basically, in a nutshell, it protects the New Jersey mortgage lender. To give it a more professional definition, as defined by Fannie Mae and Freddie Mac, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan.