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Detailed explanation-1: -Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender-not you-if you stop making payments on your loan.

Detailed explanation-2: -Mortgage insurance protects the lender, not you Mortgage insurance, no matter what kind, protects the lender – not you – in the event that you fall behind on your payments. If you fall behind, your credit score may suffer and you can lose your home through foreclosure.

Detailed explanation-3: -Lender’s title insurance is usually required to get a mortgage loan. Lender’s title insurance protects your lender against problems with the title to your property-for example, if someone sues to say they have a claim against the home. Lender’s title insurance does not protect your investment in the home (your equity).

Detailed explanation-4: -Mortgage protection insurance is a type of policy that helps to pay your monthly mortgage repayments if you can’t work due to illness, a serious injury or redundancy. Sometimes it’s called mortgage payment protection insurance (MPPI).

Detailed explanation-5: -PMI protects the lender from the risk of loss if you default on your mortgage, and the premiums are typically paid monthly by the borrower. In many cases, PMI is no longer required once the borrower has made enough timely mortgage payments such that the borrower has sufficient equity in the property.