What is mortgage insurance?
user
You’re talking about private mortgage insurance. This is insurance that protects lenders against loss from mortgages that go into default.
assistant
Is it expensive?
user
The cost depends on how much you borrow and the quality of your home. In the United States, mortgage insurance is often included in the rate of your mortgage. This means that your monthly payment also includes the cost of the mortgage insurance.
assistant
So it is generally included in your mortgage payment?
user
Yes. Most people don’t realize they are paying for mortgage insurance. It’s usually listed as a separate line item on your monthly bill, in the form of an “Lender’s fee.”  That fee includes the cost of the insurance and the cost of the loan itself.
assistant
What is mortgage insurance?
user
You’re talking about private mortgage insurance. This is insurance that protects lenders against loss from mortgages that go into default.
assistant
Is it expensive?
user
The cost depends on how much you borrow and the quality of your home. In the United States, mortgage insurance is often included in the rate of your mortgage. This means that your monthly payment also includes the cost of the mortgage insurance.
assistant
So it is generally included in your mortgage payment?
user
Yes. It is generally part of the rate that you pay each month.
assistant
What is mortgage insurance?