If you’re going to be buying a home with less than 20% down, it’s likely you will be paying PMI or MIP, depending on the type of mortgage. Mortgage insurance is a cost that is passed onto a buyer that is paid as part of their monthly mortgage that helps protect the lender in the event they default on their mortgage.
Mortgage insurance is a cost that is associated with a mortgage until there is a certain loan to value remaining on the mortgage. With some mortgage products, mortgage insurance will remain with the mortgage for the life of the loan. It’s recommended that you ask your mortgage consultant when you can remove private mortgage insurance, if at all.