verbiage - mortgage insurance

what is mortgage insurance?  it gets very complicated when figuring out how much mortgage insurance you will be paying, if you need it.  i'm no expert, so i'll just explain the basic principal and when you actually apply for a loan, you can let your expert lender explain the details.  basically, mortgage insurance protects your lender in case you default on your home loan.  when you buy a house, you almost always pay a down payment.  if your down payment is less than 20% of the purchase price of the home, you will be most likely have to pay mortgage insurance.  i have seen the mark advertised at 15% or less, but i can't remember where.  there are many types of loans out there and they all have different rules.  either way, plan on paying a couple hundred dollars a month on mortgage insurance, unless you have a hefty down payment.