What’s the Difference in Mortgage Insurance and you can Homeowners insurance? What’s Mortgage Insurance? Known as personal home loan insurance rates (PMI), this visibility handles mortgage brokers for many who default on the loan. Due to the fact a borrower, you have to pay a month-to-month premium to your insurance provider. If your household forecloses since you fall behind on the home loan repayments, the insurance providers makes up the financial institution to minimize the losses. The option buying mortgage