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MIP and PMI - difference

I need to know the difference between pmi and mip. Can anyone help?

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:49 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:49 | Post subject:

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