What is a mortgage credit life insurance policy?
It's an insurance plan that protects your lender in case you pass away before your home mortgage loan is repaid.
Some lenders may require a home buyer to take our credit life insurance if the home buyer is putting down less than 20% to buy the home and take out the mortgage loan.
Keep in mind, once you have 20% ownership in the home, you may not have to continue carrying the credit life insurance eon your home mortgage.
Learn more about
how mortgage credit life insurance works.
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