: The lender pays the premium upfront, but you pay a higher interest rate over the life of the loan.

Mortgage insurance is a financial safeguard for , typically required when a borrower makes a down payment of less than 20% . It protects the lender from financial loss if you default on your loan, though you are responsible for paying the premiums. Core Types of Mortgage Insurance

: Used for conventional loans . It can typically be canceled once you reach 20% equity in your home.