Mortgage insurance is a type of coverage that helps protect lenders in the event of borrower default. This insurance can come in different forms, such as private mortgage insurance (PMI), government-backed insurance (such as FHA or VA insurance), and lender-paid mortgage insurance (LPMI). Synonyms for mortgage insurance include home loan insurance, mortgage indemnity insurance, mortgage protection insurance, and loan guarantee insurance. While the name may vary, the purpose remains the same: to mitigate the risk for lenders and enable homebuyers to secure a mortgage with a lower down payment. Understanding the different types of mortgage insurance available can help homebuyers navigate the financial landscape of homeownership.