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Jesus Said:

What's the difference between Mortgage Insurance/Hazard Insurance & Homeowner's Insurance?

We Answered:

Mortgage insurance, is PMI - if you put down less than 20%, YOU pay for the insurance that covers the bank, if you default on the loan. You pay this, until you have 20% equity in your house.

Hazard insurance is mortgage talk, for insurance that covers your house if something happens to it. Homeowners insurance, is insurance talk, for the cheapest kind of policy, that covers your house if something happens to it.

So. Mortgage insurance is PMI, and hazard and homeowners insurance are sort of the same thing.

Myrtle Said:

How long will I have to pay mortgage insurance?

We Answered:

when you build 20% in equity