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nurse_linda_lou
New Member

What is mortgage insurance? Is it the same as home insurance?

 
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‎March 29, 2020 4:06 PM
last updated ‎March 29, 2020 4:06 PM
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JohnB5677
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Expert Alumni

What is mortgage insurance? Is it the same as home insurance?

No, quite the contrary.  Mortgage insurance (PMI) is to protect the bank in case you default on the mortgage.  You will pay Mortgage Insurance until you reduce your mortgage to 80% of what the property is worth.

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‎March 29, 2020 4:26 PM
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Critter
Level 15

What is mortgage insurance? Is it the same as home insurance?

It will be on your 1098 form as either MIP or  PMI . 

‎March 29, 2020 4:55 PM
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