what does pmi and mip mean
PMI stands for Private mortgage insurance that is required on conventional loans when you put less than 20% down. FHA loans require MIP short for Mortgage insurance premium paid to the FHA to insure the loan. You have to MIP on FHA loans regardless of the amount you put as a downpayment
MIP = Mortgage Insurance Premium (FHA Loans) It's an up-front fees at closing and added to your loan amount. *** Was this answer helpful? If so, Please rate my answer. Thanks!