When Is Mortgage Protection Insurance A Good Idea? 
There are two types of insurance that are often called Mortgage insurance . The first is required by the lender if the down payment for a home doesnt meet a certain threshold . This insurance protects the lender against default . This insurance is often required and included in the mortgage payment . The second is a life insurance policy that reflects the balance due on a mortgage . The idea behind this second form is for you to protect your family by making sure that they have a home , free and clear should you have a premature death . This insurance is obtained through an insurance agent and is handled outside of the mortgage . 