Definition: The word "calculator mortgage insurance" refers to a type of mortgage that includes an insurance policy or guarantee that will be applied to the monthly payments on your loan in the event of defaulting on the loan, as per the terms of the agreement. The purpose of this policy is to protect you financially in case your home becomes uninhabitable due to a failure by the lender to pay the mortgage. The term "calculator mortgage insurance" can also refer to other types of mortgage insurance policies such as adjustable-rate mortgage (ARM) or fixed-rate mortgage, which are specifically designed for borrowers who want a more flexible payment plan. In these cases, the policy will be applied when your monthly payments become unaffordable due to defaults or other reasons. In summary, "calculator mortgage insurance" is a type of mortgage insurance policy that provides financial protection in case you default on your loan due to non-payment or other factors.
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