Definition: Mortgage protection payment insurance is a policy that provides coverage for the cost of paying off or refinance the mortgage loan with another lender if your original lender cancels or defaults on the mortgage loan. This policy typically covers the interest rates, fees, and penalties associated with the loan modification process. The term "mortgage protection payment" refers to the amount that is paid by the borrower as a monthly payment towards the balance of the loan after it has been modified (for example, through refinancing or short-term mortgages). The "payment insurance" part is used to refer to this amount. For example, if you are paying $300 per month towards your mortgage loan with an interest rate of 7%, and the lender cancels your loan, you will likely be required to pay a monthly payment of $150 (or $22.50) as long as the agreement is in effect. The insurance policy typically covers these payments for the life of the loan or for a specified period of time, depending on the terms and conditions of your policy. The amount of coverage may vary depending on the policies available on the market.
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