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MIP and PMI - difference

Posted on: 27th Aug, 2013 01:38 am
I need to know the difference between pmi and mip. Can anyone help?
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
Posted on: 27th Aug, 2013 03:31 am
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
Posted on: 27th Aug, 2013 08:06 pm
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