MIP and PMI - difference

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Post Posted: Tue Aug 27, 2013 1:38 am    Post subject: MIP and PMI - difference
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I need to know the difference between pmi and mip. Can anyone help?
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Icon Mini Profile jerry
jerry
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Post Posted: Tue Aug 27, 2013 3:31 am    Post subject:
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Hi Guest,

Well, as the name suggests, PMI is private mortgage insurance where as MIP is mortgage insurance premiums. The option of PMI is applicable for conventional loans when the borrower is unable to pay off the 20% down payment. MIP is added to most of the government loans.

Thanks,

Jerry
Icon Mini Profile jameshogg
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Post Posted: Tue Aug 27, 2013 8:06 pm    Post subject:
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Hi Guest,

A MIP may continue throughout the term of the loan but you will be able to cancel the PMI if you have at least 20% equity in your property.

Thanks
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