A few days ago, a first time home buyer asked me, “How many insurance policies do we have”? It really is a bit confusing when you start looking at the additional monthly costs of obtaining a loan. There are actually two insurance policies you need when financing a home. The first is your standard homeowners policy, which covers the structure and personal property against loss. The second is a Mortgage Insurance Premium (MIP) for a FHA loan or Private Mortgage Insurance (PMI) on conventional mortgage, where the borrower has less than 20% down payment. Both are a lender fee for...