What Type of Life Insurance Do I Need for a Mortgage?

If you are considering the purchase of a new home you may be applying for a mortgage loan and wondering if you need life insurance to protect your mortgage.

Actually, no life insurance is needed for a mortgage. There are PMI (Private Mortgage Insurance) plans required if you are putting down less than 20% as a down payment on your new home. 

PMI protects the lender and pays the lender back on your mortgage loan in case you pass away before the loan is paid off.

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