To Escape MIP, Refinance Loan

Question: What is the difference between private mortgage insurance ? PMI ? and mortgage insurance premium ? MIP? After paying nine years on my FHA mortgage, I have tried to get my MIP canceled. But I have been told I can't get it removed. I paid $70,000 for the house and it now appraises for $137,000, so the MIP clearly is not needed by the FHA. How can I get my MIP canceled?
Answer: Forget about canceling your MIP on that FHA mortgage. In your situation, the FHA clearly doesn't need your MIP to protect its mortgage if you should default. Yet every month you pay that extra cost. However, the only way to get rid of MIP is to refinance with a non-FHA mortgage.

Information provided by, Catherine Sheldrick, United General Title