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Originally Posted by TopBucksTrixxxia
Really sad 
Here the banks pretty much oblige you to get it. No ifs, ands or buts....you borrow, you get insurance. |
Homeowners insurance and mortgage insurance are not the same thing.
Yes, it the place burned down there is insurance to replace it, but mortgage insurance is there in case one of the people that makes the payments dies, then the payments are taken care of.
Two different things. The bank doesn't make you get mortgage insurance because if you don't make the payments, they simply foreclose.