---
title: What is mortgage insurance?
description: An insurance policy that protects the lender. Mortgage Insurance is required on all FHA loans and any Conforming loan that exceeds 80% LTV at purchase.
---

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# What is mortgage insurance?

## An insurance policy required on certain loan products.

An insurance policy required on certain loan products. Mortgage insurance **protects the lender** in case the borrower defaults on their mortgage loan.

**Monthly mortgage insurance is required throughout the life of the loan on all FHA (government) loans.** Private Mortgage Insurance (PMI) is usually required on [conventional loans](https://www.jvmlending.com/glossary/#conventionalmortgage) that exceed an 80% loan-to-value (LTV) ratio at the time of purchase.

**On conventional loans, mortgage insurance will not normally last the life of the loan** — it can be refinanced off if the homeowner demonstrates a minimum of 20% equity in their property, or it will automatically fall off after the homeowner reaches a 78% LTV through normal amortization. Mortgage insurance is normally paid monthly, although it can be paid upfront in a ‘lump sum’ payment (known as **single-premium mortgage insurance**) or some combination of the two.

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