What is the difference between mortgage insurance and private mortgage insurance?
Answers | 2
Private mortgage insurance is generally charged with conventional mortgages, mortgage insurance (MI) is charged on government loans (FHA).
The terms are used fairly interchangeably. For your purposes they're the same. On a conventional loan the charge can go away after two years and 20% equity. On an FHA the only way to get rid of it is to refi, sell, or pay off the loan.