mortgage indemnity guarantee

mortgage indemnity guarantee
mortgage indemnity guarantee ( MIG)
An insurance which is designed to protect a mortgage lender against the risk of you defaulting or not being able to repay the mortgage. The policy is usually imposed upon by the lender at the start of the loan and the premium payable is determined by the level of perceived risk to the home lender of you defaulting on the loan.

Financial and business terms. 2012.

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